JPMorgan Chase CEO Jamie Dimon speaks up about remote work: 'there are real flaws'

[Leroy N. Soetoro]

https://www.foxbusiness.com/economy/jpmorgan-chase-ceo-jamie-dimon-speaks-
remote-work-real-flaws?dicbo=v2-bFNTrcj

Dimon said remote work 'doesn't really work for management teams'

Jamie Dimon on Tuesday expressed skepticism about remote work.

In an interview with The Economist, the JPMorgan Chase CEO says he tells
people to "acknowledge what doesn’t work" about working from home.

"It doesn’t work for younger kids in apprenticeships. It doesn’t really
work for creativity and spontaneity," he told the outlet. "It doesn’t
really work for management teams."

He argued that "there are real flaws" with remote work, mentioning his in-
person management team having back-and-forth interactions and needing to
do follow-ups on certain matters over the course of the day.

JPMORGAN CEO JAMIE DIMON HAS ‘NO PLANS’ TO RUN FOR OFFICE, COMPANY SAYS

In the private sector, more than 27% of establishments reported having
workers that only went into the office part time or not at all in August
and September, according to Bureau of Labor Statistics data published in
March.

A Partnership for New York City survey released in February found that an
average of 52% of office workers in Manhattan were working in person on
weekdays as of January. JPMorgan Chase and many other banks have
headquarters there.

Tracking productivity is easier for some positions than others, Dimon said
in the interview.

"You know, to the extent it [remote work] works, I’m OK with it. If it
doesn’t work, I don’t mind getting rid of it either," he said.

Dimon went on to note that people "can try one thing" and he "can try
another" in a free enterprise system.

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"I completely understand why someone doesn’t want to commute an hour and a
half every day, totally got it," he told The Economist, adding, "Doesn’t
mean they have to have a job here either."

About 60% of JPMorgan Chase’s staff come into the office daily while 30%
do so three times per week, according to the CEO. None of the company’s
managing directors are remote, he added.

He said 10% of the bank’s headcount, such as those in certain sales or
service positions, were "always at home."

WALL STREET FIRMS SET LABOR DAY AS BENCHMARK FOR RETURN TO IN-OFFICE WORK


Many Wall Street firms, including Morgan Stanley, Goldman Sachs and
JPMorgan Chase, took steps in the fall of 2022 to reduce remote work.
JPMorgan had return-to-office pushes for top trading staffers in late 2020
and, more recently, in April for MDs.

"It’s got to work for the company and, more importantly, the clients,"
Dimon said in interview. "If it doesn’t work for the clients, it does not
work."

Some companies in the tech, entertainment and food sectors have made
changes to their remote work policies this year, mandating certain
employees to report in person. Those include Meta Platforms, Amazon,
Disney and Starbucks.


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