'Five Is Ideal': JPMorgan Will Reportedly Follow Amazon, Walmart With Strict Return-to-Office Policy JPMorgan is the largest bank in the United States.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- According to a new report from Bloomberg, JPMorgan will announce a strict return-to-office policy in the coming weeks.
- The policy will require all of the bank's 300,000-plus employees to work in the office five days per week.
- With $3.9 trillion in assets, JPMorgan is the largest U.S. bank.
JPMorgan will soon ask all of its employees to work in the office five days per week, following the example of companies like Amazon and Walmart.
According to a Tuesday report from Bloomberg, in the coming weeks, JPMorgan is expected to announce the change from hybrid work requiring three days per week in-person to fully in-person work with five days in the office.
The shift applies to all of the bank's 300,000-plus global employees.
JPMorgan CEO Jamie Dimon. Photo by Kevin Dietsch/Getty Images
JPMorgan previously told all managing directors in April 2023 that they had to work from the office every weekday. Employees who interact with clients, like bank branch workers and salespeople, were also already required to work in person five days per week.
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Bloomberg estimates that more than half of the bank's staff, or about 60% of employees, are already at the office every weekday. The shift to fully in-person work will most likely be a change for back-office workers, most of whom are currently on a hybrid schedule.
JPMorgan CEO Jamie Dimon told the Wall Street Journal in April that "five is ideal" when it comes to the number of days people should be in the office.
"There are some jobs where taking a day or two at home is fine," he added. "It's very job-specific."
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JPMorgan is the largest bank in the U.S. with $3.9 trillion in assets. In pushing for five days a week back in the office, the bank follows the example of the largest online retailer in the United States: Amazon.
Amazon required all of its corporate employees to be back in the office every weekday as of January 2 but has since delayed its return-to-office (RTO) mandate for thousands of employees because it doesn't have enough office space.
Amazon's push for RTO has inspired other companies like AT&T and Sweetgreen to follow suit and ask staff to come into the office more frequently in the new year.
Despite the push for in-person work, research shows that hybrid schedules have their benefits.
A study published last year in the scientific journal Nature compared a hybrid work group to an in-person work group over six months and found no observable difference in productivity, performance, or promotion between the two.
Hybrid work had the advantage, leading to better outcomes in terms of lower quit rates and job satisfaction.
