A leaked inside memo exhibits that extra JPMorgan workers are dissatisfied with firm tradition in comparison with final yr — and the return-to-office mandate is accountable.
In JPMorgan’s annual survey of firm tradition, which asks workers to assign a rating to issues like inside mobility, work-life steadiness, and well being and well-being, fewer JPMorgan workers seen their well being and well-being as essential to the corporate in comparison with final yr.
Associated: JPMorgan Will Fire Junior Bankers Over a Common Practice That CEO Jamie Dimon Calls ‘Unethical’
In response, firm management tied the decrease scores to its return-to-office (RTO) mandate. JPMorgan ordered employees again to the workplace 5 days per week in March, prompting some workers to search for jobs elsewhere and others to sign a petition calling for hybrid work. Nonetheless, the corporate and CEO Jamie Dimon did not budge.
“Well being and well-being scores stay favorable, although they dipped barely yr on yr,” Dimon and Chief Human Sources Officer Robin Leopold wrote in a leaked memo to workers, which was obtained by Barron’s. “We all know return full-time to the workplace has been an adjustment and one which not everybody agrees with, however we proceed to imagine in-person is how we do our greatest work and the way we foster connections and mobility alternatives.”
Within the survey, workers additionally reported decrease scores in comparison with final yr for work-life steadiness and inside profession alternatives. Dimon and Leopold reassured workers within the leaked response e-mail that JPMorgan prioritizes “profession mobility” in addition to “flexibility.”
JPMorgan Chase CEO Jamie Dimon. Photographer: Cyril Marcilhacy/Bloomberg by way of Getty Pictures
JPMorgan asks workers to take the survey as soon as yearly, and this yr, 90% of its workforce, or 284,000 workers, responded to it. The participation charge was just like earlier years.
Different banks have requested workers to return again to the workplace full-time even earlier. Goldman Sachs told U.S. employees in August 2023 that they needed to work from the workplace 5 days per week.
Nonetheless, one financial institution has held onto a hybrid work coverage. Citigroup has determined to stay with a hybrid schedule for many of its 229,000-person workers, permitting for as much as two days of distant work per week. In keeping with a January report, Citigroup CEO Jane Fraser informed administrators on a quarterly name that Citigroup’s hybrid work coverage gave it a bonus in recruiting proficient workers.
JPMorgan anticipates that AI will permit it to ultimately reduce employee count by 10% in some departments, together with operations and account providers. The financial institution, which is the largest within the U.S. with $3.9 trillion in property, has grown its headcount from round 255,000 in 2020 to 317,000 in 2024.
A leaked inside memo exhibits that extra JPMorgan workers are dissatisfied with firm tradition in comparison with final yr — and the return-to-office mandate is accountable.
In JPMorgan’s annual survey of firm tradition, which asks workers to assign a rating to issues like inside mobility, work-life steadiness, and well being and well-being, fewer JPMorgan workers seen their well being and well-being as essential to the corporate in comparison with final yr.
Associated: JPMorgan Will Fire Junior Bankers Over a Common Practice That CEO Jamie Dimon Calls ‘Unethical’
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