JPMorgan CEO Jamie Dimon shouldn’t be a fan of hybrid working – a lot in order that he even objects to the few days that federal employees in Washington DC earn a living from home.
While he was on stage talking in regards to the state of politics in America, The Atlantic Festival In the nation’s capital, Dimon said he would be sure that “Washington DC gets back to work.”
“I can’t believe it when I come down here and see the empty buildings. The people who work for you don’t go to the office,” Dimon added. “That bothers me. I do not allow that to occur at JP.[Morgan].”
“We know what he would do on his first day as president,” said Jeffrey Goldberg, editor-in-chief of The Atlantic replied.
“Yeah, you all go back to work,” Dimon joked.
In fact, JPMorgan employees and federal employees in Washington, DC have recently needed to comply with similar requirements to return to the office.
Currently, most agencies require employees to be within the office at the least three days every week.
Accordingly a report According to a communication from the Office of Management and Budget to the U.S. Congress last month, only about half of federal employees have any choice to work remotely in any respect—the opposite half already work exclusively on-site.
Washington Mayor Muriel Bowser, who repeatedly called the federal government’s lax RTOhas even ordered its own city staff to return to the office 4 days every week.
Similarly, employees at JPMorgan are expected to work within the office three days every week – except those in management positions and in certain departments reminiscent of trading, who must earn a living from home full time.
Assets has reached out to Mayor Bowser’s office. JPMorgan declined to comment.
The financial industry shouldn’t be a giant fan of home offices
Not surprisingly, Dimon believes federal employees in Washington, DC ought to be subject to stricter RTO regulations. The CEO—and the financial industry, for that matter—are amongst essentially the most vocal opponents of telecommuting.
After greater than a 12 months of lockdowns and lockdowns, JPMorgan was one in every of the primary major employers to bring its employees back to their desks “on a regular basis” in June 2021.
Since then, the investment bank has taken an increasingly strict stance on home working, using, amongst other things, ID card data to implement office quotas.
Meanwhile, CEO Dimon repeatedly accuses the corporate of working from home suppressing “spontaneous idea generation” and being incompatible with leading a team.
“I completely understand why someone doesn’t want to commute an hour and a half every day, I completely understand that,” he said The Economist“But that doesn’t mean they have to have a job here.”
Goldman Sachs CEO David Solomon also called teleworking a “deviation” and insisted that employees should return to working on-site full-time.
Meanwhile, Citigroup, HSBC and Barclays have increased their office attendance requirements and made it tougher for Wall Streeters to dial in from home – partly because of recent Finra rules.
Even major banks like Santander and Nationwide, which had promised to maintain flexible working endlessly, are backtracking and introducing RTO rules.
Dimon and DC’s federal office have the identical problem: RTO evaders
If the federal government buildings in Washington DC are as “empty” as Dimon claims, despite the administration’s mandate to mandate agencies inside agencies, then that points to at least one thing: RTO evaders—and that’s a conundrum shared by Dimon, the administration, and lots of CEOs.
In London, employers require their employees to come back to the office a mean of three.1 days per week – but employees actually only show up on 2.7 days.
In New York, employees are also asked to work within the office 3.7 days every week – but they only show up 3.1 days.
The think tank’s report Centre for Cities stressed that this pattern is observed in most major cities all over the world, including Toronto, Singapore and Sydney.
To that end, Dimon himself needed to send quite a few offended reminders to JPMorgan employees about his own company’s office policies, while concurrently threatening “corrective action” for those employees who still didn’t comply, even years after the rule was announced.
