JPMorgan Chase CEO Jamie Dimon recently became embroiled in controversy after he announced a major change that will soon take place at his company.
Last month, Dimon sent a memo to JPMorgan (^JJQ) employees warning them they will be required to work in the office five days a week starting in March.
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Currently, employees are required to work in the office only three or four days a week through the company’s hybrid work policy, which was implemented at the beginning of the COVID-19 pandemic.
Related: Jamie Dimon loses his cool over return-to-office complaints
In the memo, Dimon said that working in person “accelerates decision-making” and boosts “creativity.”
“We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision,” said Dimon. “We are now a few years out of the pandemic and have had the time to evaluate the benefits and challenges of remote and hybrid working. We feel that now is the right time to solidify our full-time in-office approach. We think it is the best way to run the company.”
In response to the memo, a group of JPMorgan employees launched a petition on coworker.org demanding that the company retain its hybrid work model. The petition has gained over 1,800 signatures so far.
During a recent company town hall meeting, Dimon went on a rant (filled with curse words) about the petition and recent complaints regarding the new in-office mandate, which heightened tensions at the company.
“Don’t waste time on it,” said Dimon. “I don’t care how many people sign that f*cking petition.”
He also said that employees should not be mad at him about the new in-office mandate since it is a free country, and they have a choice on whether or not they want to continue working at JPMorgan.
Jamie Dimon reflects on viral rant
Leaked audio of his rant went viral on social media, and now Dimon has claimed in a recent interview with CNBC that he regrets cursing at the town hall meeting.
“I should never curse, ever,” said Dimon. “And I shouldn’t get angry and stuff like that. But the gentleman asked a long question, and I answered the question. I tried to give a lot of detail.”
He also said that only 10% of JPMorgan’s jobs are done remotely, and that he respects employees who don’t want to work in the office five days a week but doubled down on the fact that they can find a new job at a different company.
JPMorgan Chase CEO Jamie Dimon, at the Institute of International Finance (IIF) during the annual meetings of the IMF and World Bank in Washington, DC, US, on Thursday, Oct. 24, 2024.Â
“I completely respect people that don’t want to go to the office all five days a week,” said Dimon. “That’s your right. It’s my right. It’s a citizen’s right. But they should respect that the company is going to decide what’s good for the clients, the company, etc., not an individual. And so, I’m not being mean, they can get a job elsewhere.”
He also emphasized that the company will not be changing its new in-office policy despite growing momentum surrounding the recent petition from employees.
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“I’m not against work-from-home. I’m against where it doesn’t work,” said Dimon. “And I gave all the reasons for that. And so, there’s a petition, but I forgot how many people signed, 1,200 people. That’s fine, and they have the right to feel that way. But we’re not going to change. We’re going back to the office. And I’m sure when we do, there will be some seats not available. But, for the most part, most of our people understand why we need to do it.”
In-office mandates can have unintended consequences
JPMorgan’s push to return to the office five days a week comes during a time when companies across the country are opting to scale back remote work in their workplace culture.
This move can possibly backfire as a new survey from FTI Consulting revealed that 70% of U.S. employees who either work a hybrid or fully remote schedule said they are “very likely” or “somewhat likely” to look for a new place of employment if they are required to return to the office full time at their current salary.
Also, 45% of the employees said that having the ability to work remotely or in a hybrid setting is one of the most important aspects of their employment.Â
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