JPMorgan Plans to Return to Full-time Office Work, Ending Hybrid Model - Bloomberg

Investing.com -- JPMorgan Chase (NYSE:JPM) & Co., the largest bank in the United States, is reportedly preparing to announce a return to full-time in-office work for all employees, thereby ending the hybrid work option implemented during the pandemic. According to a report citing sources familiar with the matter, the bank, which has more than 300,000 employees worldwide, is expected to announce this change in the coming weeks. This decision will replace the current three-day office requirement for many employees.

This decision, which could still change, will expand the rules announced in April 2023 that require the bank's managing directors to be in the office five days a week. Approximately 60% of the bank's staff, including most traders and retail branch employees, are currently working under this requirement.

This shift signals a return to pre-pandemic expectations for JPMorgan, one of Wall Street's leading names. The move comes as some competitors continue to offer more flexibility to their staff. It also demonstrates CEO Jamie Dimon's belief in the effectiveness of in-person work; Dimon had previously criticized the federal government for not mandating more regular office attendance.

Attitudes towards remote work policies vary among Wall Street firms. Goldman Sachs Group Inc. has advocated for employees to be in the office five days a week since at least 2023, while Citigroup Inc. continues to implement a three-day office policy for many of its employees.

The transition to full-time in-office work comes after major banks brought more U.S. bankers and traders back to the office last year. Banks have cited regulatory changes that make it harder to allow remote work as a reason for this shift. A spokesperson for New York-based JPMorgan declined to comment on the plans.

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