A leaked inside memo exhibits that extra JPMorgan staff are dissatisfied with firm tradition in comparison with final 12 months — and the return-to-office mandate is guilty.
In JPMorgan’s annual survey of firm tradition, which asks staff to assign a rating to issues like inside mobility, work-life stability, and well being and well-being, fewer JPMorgan staff seen their well being and well-being as essential to the corporate in comparison with final 12 months.
Associated: JPMorgan Will Hearth Junior Bankers Over a Widespread Apply That CEO Jamie Dimon Calls ‘Unethical’
In response, firm management tied the decrease scores to its return-to-office (RTO) mandate. JPMorgan ordered staff again to the workplace 5 days per week in March, prompting some employees to search for jobs elsewhere and others to signal a petition calling for hybrid work. Nonetheless, the corporate and CEO Jamie Dimon didn’t budge.
“Well being and well-being scores stay favorable, although they dipped barely 12 months on 12 months,” Dimon and Chief Human Sources Officer Robin Leopold wrote in a leaked memo to employees, which was obtained by Barron’s. “We all know return full-time to the workplace has been an adjustment and one which not everybody agrees with, however we proceed to consider in-person is how we do our greatest work and the way we foster connections and mobility alternatives.”
Within the survey, staff additionally reported decrease scores in comparison with final 12 months for work-life stability and inside profession alternatives. Dimon and Leopold reassured staff within the leaked response e mail that JPMorgan prioritizes “profession mobility” in addition to “flexibility.”
JPMorgan Chase CEO Jamie Dimon. Photographer: Cyril Marcilhacy/Bloomberg by way of Getty Pictures
JPMorgan asks staff to take the survey as soon as yearly, and this 12 months, 90% of its workforce, or 284,000 staff, responded to it. The participation price was just like earlier years.
Different banks have requested staff to return again to the workplace full-time even earlier. Goldman Sachs advised U.S. staff in August 2023 that they needed to work from the workplace 5 days per week.
Associated: Citigroup Is Sticking With a Hybrid Work Schedule. This is Why It Offers the Financial institution a Aggressive Benefit, Based on Its CEO.
Nevertheless, one financial institution has held onto a hybrid work coverage. Citigroup has determined to stay with a hybrid schedule for many of its 229,000-person employees, permitting for as much as two days of distant work per week. Based on a January report, Citigroup CEO Jane Fraser advised administrators on a quarterly name that Citigroup’s hybrid work coverage gave it a bonus in recruiting proficient employees.
JPMorgan anticipates that AI will enable it to ultimately scale back worker depend by 10% in some departments, together with operations and account companies. The financial institution, which is the most important within the U.S. with $3.9 trillion in property, has grown its headcount from round 255,000 in 2020 to 317,000 in 2024.
A leaked inside memo exhibits that extra JPMorgan staff are dissatisfied with firm tradition in comparison with final 12 months — and the return-to-office mandate is guilty.
In JPMorgan’s annual survey of firm tradition, which asks staff to assign a rating to issues like inside mobility, work-life stability, and well being and well-being, fewer JPMorgan staff seen their well being and well-being as essential to the corporate in comparison with final 12 months.
Associated: JPMorgan Will Hearth Junior Bankers Over a Widespread Apply That CEO Jamie Dimon Calls ‘Unethical’
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