JPMorgan Chase CEO Jamie Dimon is not a fan of working from home. In fact, he already told his US employees they should start preparing to return to the office.
Specifically, the goal is to have 50% of workers back at their desks by July on a rotational basis. He said that while he’s okay with the flexibility of working from home part-time, there’s no substitute for working at the office.
‘Not For Young People’
At a Tuesday conference, the JPMorgan Chase CEO declared that working from home does not work for everyone, especially those who want to hustle.
In addition, he said that he wants people back at work because exclusively working from home doesn’t work for young people. “It doesn’t work for those who want to hustle.
It doesn’t work for spontaneous idea generation,” Dimon said during the conference. Finally, he thinks remote work doesn’t fit the high-octane and dealmaking style of large banks. “It doesn’t work for culture,” he added.
“We want people back to work, and my view is that sometime in September, October it will look just like it did before. And everyone is going to be happy with it, and yes, the commute, you know people don’t like commuting, but so what,” Dimon added.
As a result, Dimon wants employees to start reacclimating themselves to the workplace beginning May 17.
50% Office Capacity By July
The largest American bank recently instructed workers that it expects all US-based employees back to their desks on a rotational basis by July.
A current public health rule limits office capacity to 50%. Dimon’s “get used to it” approach can also include a requirement for employees to get coronavirus vaccine shots as they return to work.
“But that’s life,” Dimon said. Getting back to the office will make the bank more competitive. In addition, it will work better for clients with employees meeting in person again. “In my view, September, October, it will look just like it did before and everyone’s going to be happy with it.”
Dissatisfaction with Remote Work
Even as remote work and videoconferencing tools like Zoom helped Wall Street remain in operation, CEOs including Dimon made their dissatisfaction clear.
To illustrate his point, Dimon said he generated a lot of ideas after a trip to California last year. In contrast, Dimon said he couldn’t get inspiration from Zoom meetings.
As a result, “I’m about to cancel all my Zoom meetings. I’m done with it,” he said. In addition, he said clients told him that JPMorgan lost their business because rival bankers visited them. “Well, that’s a lesson,” he concluded.
Depending on their roles, employees can still work remotely, Dimon said. The company cannot require workers to vaccinate.
Specifically, they won’t force those who object on religious or health grounds, he said. The shift to part-time remote work is “not going to change everything so dramatically.
It accelerated a trend, but it does not work for younger people. It doesn’t work for those who want to hustle, it doesn’t work in terms of spontaneous idea generation,” Dimon concluded.
Tech Companies Are OK With Remote Work
Meanwhile, many tech companies found solace in knowing that remote work works for them. Companies such as Facebook and Twitter already announced a permanent shift to remote work for employees who want it.
Watch the Fox5 News video reporting on mental health concerns over returning to office:
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