The bank had first ordered employees back to office in 2021.
The bank also said that “it will punish any of its employees who fail to comply with its return-to-office rules”.
Edited by Anoushka Sharma
Updated: April 14, 2023 9:14 am IST
JPMorgan Chase, the largest U.S. bank cautioned its senior employees and its Managing Directors to work from the office for five days a week, as per a memo accessed by Fortune Magazine. The largest US bank’s decision affects its about 2,94,000 employees worldwide and demonstrates how Wall Street is attempting to get workers back to the office after allowing more flexible working arrangements in the wake of the Covid-19 outbreak.
The bank also said that “it will punish any of its employees who fail to comply with its return-to-office rules”.
Staffers in leadership roles at the company are required to work from the office five days per week, according to the note.
“Our leaders play a critical role in reinforcing our culture and running our businesses,” the company said in the staff memo, which was sent on Wednesday, as per the outlet.
It added, “They have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings.”
Non-leadership employees who work in specific divisions like trading or sales are also required to be in the office full-time. Other staff members must be present at least three days per week, a requirement that the memo implied was not being followed.
“For those of you whose roles can benefit from a hybrid work model-please be reminded that a minimum of three days a week in the office is required. Any exception will need senior management approval. Most of you are following your hybrid models, but there are a number of employees who aren’t meeting their in-office attendance expectations, and that must change,” it further said.
According to the operating committee, failing to report to headquarters when necessary would result in “appropriate performance management steps, which could include corrective action.”
The bank had first ordered employees back to office in 2021. Staff members opposed the change at that time. The bank claimed on Wednesday that there was a valid justification for mandating that its workers spend the majority of their working hours at the office.
“Being together greatly benefits mentoring, learning, collaboration, and execution-it is truly the foundation of our culture,” the memo stated.