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JPMorgan’s Jamie Dimon tells senior managers he wants workers back in the office five days a week


JP Morgan’s CEO Jamie Dimon has been telling senior managers that he wants rank and file bankers back in the office five days a week in a dramatic shift from their hybrid working model.

The finance giant is currently building a $3billion 70-story office tower on New York’s prime Park Avenue – and Dimon is said to be worried that it’ll sit empty if staff continue to work from home multiple days a week. 

The bank’s titan has emphasized the company’s apprenticeship model – where staff work collaboratively and learn from one another in the office environment. 

But residual work from home and hybrid strategies from the pandemic is threatening that model, while other mammoth US banks like Goldman Sachs have already demanded staff be in the office full time.

According to sources close to the company, the chief executive is quieting telling seniors to get employees back in their seats for the entire working week – since the lack of show could drive assets down.

In turn, there are fears that this could impact shareholder prices at the bank.  

JP Morgan’s new multibillion dollar skyscraper is set to take up an entire city block and fit 15,000 workers when it opens in 2025. 

JPMorgan Chase CEO Jamie Dimon is quieting trying to get staff members back into the office five days a week, according to insiders

JPMorgan Chase CEO Jamie Dimon is quieting trying to get staff members back into the office five days a week, according to insiders

Scaffolding covers a construction site for JP Morgan Chase & Co. headquarters in New York. The multibillion dollar investment is set to open in 2025

Scaffolding covers a construction site for JP Morgan Chase & Co. headquarters in New York. The multibillion dollar investment is set to open in 2025

Staffers fear that if there are empty seats in the offices, those hybrid workers will be the first to get laid off as the company steers its way through the States’ tumultuous economic situation.

One source said that junior bankers at the firm ought to remember the saying: ‘They can’t take your desk away from you if you’re sitting at it.’ 

An insider told the New York Post: ‘The worry is if people aren’t in their seats five days a week, those seats could be moved from our team.

‘If someone’s not there, it makes it a pretty easy decision to fire them first.’ 

Currently, senior executives at the bank go into the office five days a week – but intake has been harder for more junior employees 

Mike Mayo, bank analyst at Wells Fargo, added: ‘JPMorgan is a major investor in real estate in NYC — having lower occupancy rates is essentially driving down the assets they have as a bank and that’s a knock-on effect of the shareholder price.

‘Of course there’s that ideological element since they genuinely believe staff is more productive in the office. But they’re going to do everything to safeguard their assets and they can set an example to get more people back. If occupancy goes up in buildings across NYC, it’ll help them.’

This comes as financiers are bracing for an economic ‘storm’ with a recession looming in the US. 

Speaking at a banking conference in New York earlier this year, Dimon warned the gathering of investors and analysts: ‘You better brace yourself.’

‘I said there were storm clouds out there, big storm clouds, but it’s a hurricane,’ said the US banking titan.

‘Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this. That hurricane is right out there, down the road, coming our way. We just don’t know if it’s a minor one or Super Storm Sandy.

‘JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.’

This follows news yesterday that the U.S. economy shrank at a 0.6 percent annual rate from April through June.

It was a more moderate contraction than originally estimated, but another sign that the economy is struggling.

The Commerce Department said in its revised estimate on Thursday that gross domestic product shrank at a 0.6 percent annualized rate last quarter, rather than the previously estimated 0.9 percent decline. 

The revised figures confirmed a second straight quarter of economic contraction, which is one informal sign of a recession – but President Joe Biden continues to insist that the economy is strong even as a downturn looms. 

Though the job market is robust, soaring inflation has hammered consumers and the risk of recession has increased as the Federal Reserve aggressively raises interest rates to cool demand. 

The U.S. economy shrank at a 0.6 percent annual rate from April through June, a more moderate contraction than originally estimated, revised figures showed

The U.S. economy shrank at a 0.6 percent annual rate from April through June, a more moderate contraction than originally estimated, revised figures showed

Inflation has forced Americans to delay some non-essential purchases as they spend more each month on essentials such as groceries and gas, putting a drag on growth

Inflation has forced Americans to delay some non-essential purchases as they spend more each month on essentials such as groceries and gas, putting a drag on growth



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