JPMorgan Chase is the latest company to give in on hybrid working

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As tech, media and other industries have taken a permissive, relaxed approach to returning to the office — in March, for example, Apple told workers they you have to come back one day a week from April 11, eventually increasing to three days a week – the financial sector has firmly committed to a full return five days a week. Are junior bankers rebelling? Goldman Sachs is unmoved (its chief executive has called remote work “an aberration”). But that kind of resolve is beginning to crumble. This week JPMorgan Chase CEO Jamie Dimon, who once Recount The Wall Street Journal“People don’t like commuting, but so what?” waives the five-day week for office workers, the real deal reports. “It is clear that working from home will become more permanent in corporate America,” Dimon wrote in the annual letter to shareholders on Monday.

JPMorgan Chase said it would expect only workers whose work cannot be done remotely — retail branch, security and facility employees — to show up in person full-time . This represents about half of the bank’s workforce. Another 40% will be able to work in a hybrid model and come a few times a week, and, finally, 10% will be able to work entirely from home.

Other financial firms, after initially taking a hardline approach to the five-day workweek, have also backed off in recent months. In February, BNY Mellon and American Express both temperate March reminders with hybrid work options. Citi has been back on a two-day-a-week schedule since September. Now, the majority of financial institutions have bowed to workers’ demands for remote options, although “in private, many senior bank executives tasked with increasing footfall for their direct reports have expressed irritation,” according to an article. of January. At New York Times.

JPMorgan is still moving forward with plans for its new headquarters at 270 Park Avenue, which is expected to accommodate 12,000 to 14,000 workers, but seating will be flexible, like the workforce. Who’s left now that even JPMorgan has given up on going back to the five-day-a-week model? Goldman Sachs, roughly. Even Eric Adams, a back-to-office proponent, has softened its position These last months.

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