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JPMorgan Chase on Tuesday told all of its U.S. bankers that they should begin making arrangements to return to office in early July.
“We know that you guys are excited to return, but we know that for some you should manage the idea of returning regularly,” an employee was told in an internal note signed. company management, including CEO Jamie Dimon.
JPMorgan, the largest bank in the U.S., is the first major company on Wall Street to set a detailed schedule for returning to office. Wells Fargo has temporarily said it intends to call bankers again September.
JPMorgan notes that each of the bank’s U.S. offices will be open to all employees from May 17 so they can get to know the life of the offices before the official rotation schedule begins. Its locations still have an occupancy limit of 50 percent in line with federal government guidelines.
While vaccinations will not be mandatory for people returning to the office, the company said it strongly recommends inoculating its staff and providing relevant information and resources.
There have been many leaders on Wall Street voice because of their dissatisfaction with pandemic-induced home-based deals, and they said they don’t think the setup is sustainable in the long run.
Earlier this month, Dimon said in an annual letter to shareholders that relying on zoom meetings slows down decision-making and that remote work makes it “impossible” for junior banks to learn from the typical banking learning model.
In a post-pandemic world, less than 10% of bank employees announced that they would work full-time, with the vast majority in the office in a full-time or hybrid model.
However, he said JPMorgan plans to arrange large seating in many places that will allow the bank to reduce real estate.
“For every 100 employees, we may need seats for an average of 60,” Dimon wrote.
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