JPMorgan Chase, the largest bank in the United States, has reportedly laid off around 1000 employees despite announcing record-breaking annual profits. According to a report by Barron’s on Wednesday, the bank is planning further workforce reductions in mid-March, May, June, August, and September.
During a staff meeting, when questioned about the return-to-office mandate, Dimon reportedly responded bluntly, telling employees not to dwell on it.
Following the January directive requiring all employees to return to in-office work five days a week, many staff members reportedly expressed their dissatisfaction on internal message boards and chats. A group even launched an online petition urging Dimon to reconsider the decision.
“Don’t waste time on it. I don’t care how many people sign that f****** petition (requesting hybrid work),” he said, eliciting some laughter, as per the Reuters report.
Remote Work Hampered Productivity
Dimon has justified the decision by arguing that remote work has hampered productivity. He reportedly pointed out that some employees were inattentive during virtual meetings, which negatively impacted efficiency and innovation.
The bank’s leadership is also pushing for increased efficiency, with Dimon instructing departments to achieve 10 per cent productivity improvements. This is expected to result in reductions in reports, meetings, documents, and training sessions.
In 2023, JPMorgan’s peer Goldman Sachs asked its employees to return to the office full-time. In 2023, it again reiterated this policy after some employees continued to work from home. Goldman Sachs employees have been working in the office five days a week since then.
Several companies have switched to work-from-home or adopted hybrid working policies since the COVID-19 pandemic. Last year, many major companies, including Amazon, Meta, Apple, and Google, urged employees back to the office.
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Tiyasa is an enthusiastic journalist with a passion for uncovering the truth and stating them in a compelling story. Whether it's chasing a breaking news story or crafting a deeply researched feature, she believes in the power of words to inform, entertain, and inspire. Apart from writing, she has a passion for learning different languages. When not chasing the deadlines, you can find her engrossed in either books or drama or listening to music, maybe even brainstorming for her next article over a cup of coffee.
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