JP Morgan, stop smart working. From July everyone in the office (in rotation) – Corriere.it

by time news

Jp Morgan brings the bankers back to the office. From July 1st, on a rotating basis, all employees of the Wall Street bank will have to return to work in person. It is the first major credit institution to report that smart working will not be the new way of working or, at least not the prevailing one, and to announce a precise calendar. The move represents a reversal of the trend compared to other American groups, especially in technology where some companies, such as Twitter for example, have left their employees free to choose whether to work in the office or in smart working forever. Or they have postponed the choice to next year.

“We know that many of you are excited to return, but we also know that for some, the idea of ​​returning on a regular basis is a change that you will have to manageCEO Jamie Dimon wrote to the staff in an internal memo.


The bank’s American offices will be open for all employees from May 17, to resume the habit of physically going to work, before the official rotation begins. Though attendance, for the moment, should not exceed 50%, in line with federal guidelines. “With the United States exceeding the target of more than 200 million Covid-19 vaccines and with more cities and states lifting restrictions, we will open our U.S. offices to all employees on Monday, May 17, with an occupancy limit of 50% », reads the note sent to all employees nationwide.

“We truly believe that working together and in person is important for our culture, our customers, our business and our teams,” Dimon points out in the internal memo. But already aAt the beginning of April, in the letter to the shareholders, the banker had criticized smart working, writing that meetings on Zoom slow down decisions and then remote work penalizes junior bankers, that they cannot learn “the trade” from example and from the daily relationship with the most experienced bankers, according to the traditional model applied by the investment bank. And he had anticipated that at the end of the pandemic less than 10% of the bank’s employees would work full-time in smart working. The foreign branches of JPMorgan will instead continue to follow the rules in force in each country.

As the US vaccination campaign advances, many companies are starting to consider “life after the pandemic” in the office. And following Microsoft’s example, several large groups have already planned to adopt a “hybrid” system, allowing employees to mix telework and face-to-face work.

Yet Jp Morgan does not completely close the door to flexibility, which he interprets in his own way. While it is true that business bankers are often away from home, on the road or with clients, Dimon imagines that offices can be reorganized, cutting many unnecessary desks. “For every 100 employees, we may only need jobs for 60 on average”, wrote the banker. With a nice real estate savings.

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