In a recent town hall meeting on Wednesday, JPMorgan Chase CEO Jamie Dimon firmly rejected appeals to relax the bank's mandatory five-day return-to-office policy. Employees had expressed discontent on internal platforms, with some creating an online petition to urge Dimon to reconsider.
During the meeting, when questioned about the in-office work policy, Dimon bluntly dismissed it, stating, "Don't waste time on it. I don't care how many people sign that petition," which elicited some laughter from the audience.
Dimon emphasized the importance of efficiency and highlighted that employees have the option to choose whether to work at JPMorgan. He reassured them not to hold resentment towards him, emphasizing their freedom of choice in a democratic society.
The decision to phase out remote work policies as COVID restrictions ease has led to dissatisfaction among some employees. The bank's call for a return to the office resulted in a wave of complaints, particularly from back-office staff.
Dimon's stance on in-person work policies aligns with that of many Wall Street leaders and President Donald Trump, who advocated for the end of remote work in the federal government.
In an effort to increase efficiency, Dimon tasked all departments with achieving 10% gains, which would involve cutting back on reports, meetings, documents, and training sessions by the same percentage.
During the meeting, Dimon highlighted bureaucratic inefficiencies within the bank, expressing frustration with layers of committee approvals and extensive performance reviews. He also criticized the operations of the Consumer Financial Protection Bureau (CFPB) and used strong language to describe its former director.
When questioned about hiring, a bank spokesperson confirmed JPMorgan's commitment to maintaining a stable headcount while continually investing in hiring new professionals, with 14,000 open positions currently available.