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JPMorgan calls US bankers back to the office from July

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JPMorgan calls US bankers back to the office from July

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JPMorgan Chase told all of its US bankers on Tuesday that they should start to make arrangements to be back in the office on rotational basis by early July.

“We know that may of you are excited to come back, but we also know that for some, the idea of coming back on a regular basis is a change you’ll need to manage,” staff were told in an internal memo signed by the company’s leadership including chief executive Jamie Dimon.

JPMorgan, the largest US bank, is the first major Wall Street firm to outline a detailed schedule for the return to the office. Wells Fargo has tentatively said it plans to call bankers back in September.

The JPMorgan memo said each of the bank’s US offices will be open to all employees starting May 17 to help them get reacquainted with office life before the official rotation schedule begins. Its locations are still subject to a 50 per cent occupancy cap in line with federal government guidelines.

While vaccines will not be mandatory for people returning to the office, the company said it strongly recommends that its staff get inoculated and will provide them with relevant information and resources.

Many Wall Street bosses have been vocal in their displeasure with pandemic-induced work-from-home arrangements, and have said they do not believe the set-up is sustainable long term.

Earlier this month, Dimon said in his annual letter to shareholders that a reliance on Zoom meetings slows decision-making and that remote working makes it “impossible” for junior bankers to learn under the typical bank apprenticeship model.

In a post-pandemic world, he predicted that less than 10 per cent of the bank’s workforce would work remotely full time, while the vast majority would be either in the office full-time or in a hybrid model.

However, he said JPMorgan plans to implement broad open seating arrangements in many locations that will allow the bank to cut back on real estate.

“For every 100 employees, we may need seats for only 60 on average,” Dimon wrote.

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