JPMorgan Chase and Company, an American multinational investment bank, is ending ‘work from home’ (WFH) for its employees as productivity falls.
Read on to find out more…
Productivity Loss Isn’t The Only Reason To End WFH!
On September 13, in a note, Keefe, Bruyette & Woods’ Brian Kleinhanzl referring to a private meeting with Chief Executive Officer (CEO) Jamie Dimon wrote to their clients, “The WFH lifestyle seems to have impacted younger employees, and overall productivity and ‘creative combustion’ has taken a hit.”
According to the findings from a private meeting of Dimon with KBW’s analysts, work output was particularly affected on Mondays and Fridays.
Coupled with the loss of organic interaction, the biggest US bank is calling employees to work from the office over the coming weeks.
A JPMorgan spokesman, Michael Fusco, in an email statement, “The bank has noticed the productivity decline among employees in general, not just younger employees.”
The spokesperson also said that younger workers “could be disadvantaged by missed learning opportunities” by working from offices.
JPMorgan Chase and Company has an employee strength of over 2.56 lakh.
The JPMorgan findings suggest that not all job profiles are suited for remote working or not all job functions can be carried out efficiently by working remotely!
When Will Work From Home End For JPMorgan Employees?
Brian Kleinhanzl wrote, “Overall, Jamie thinks a shift back to the office will be good for the young employees and to foster creative ideas.”
Last week, the US bank told its senior sales and trading employees to resume working from offices from September 21.
In New York, employees in other departments will also be urged to return to offices shortly, with a maximum building capacity of 50%.
Will the JPMorgan issue the same rules for its Indian employees?
We will keep you updated as more details come in!
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