JPMorgan Chase has ordered its managing directors “to lead by example” by returning to their desks five days a week – and warned of consequences for lower-level employees that fall short of the firm’s less stringent attendance requirements, according to a recent memo obtained by The Post.
The Wall Street titan’s operating committee detailed its new requirement while stressing the “importance of being in the office” in a message to staffers last Friday.
“Our leaders play a critical role in reinforcing our culture and running our businesses,” the memo said. “They have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings.
“We need them to lead by example, which is why we’re asking all managing directors to be in the office five days a week,” the memo added.
Most JPMorgan employees are currently observing a hybrid work model that requires them to attend the office at least three days per week, unless they have approval from senior management.
Other workers, such as employees in retail bank branches or those who work in check processing, are required to work on site every day due to their roles.
The organizing committee issued a warning to employees who are not adhering to the three-day-per-week requirement.
“Most of you are following your hybrid models, but there are a number of employees who aren’t meeting their in-office attendance expectations, and that must change,” the memo said.
“You’re responsible for meeting your hybrid model requirements,” the memo added. “Your manager is responsible for ensuring that attendance requirements are being met and in cases where they aren’t, taking the appropriate performance management steps, which could include corrective action.”
The memo did not elaborate on what form the “corrective action” might take.
A JPMorgan Chase representative confirmed the memo’s contents but did not provide further comment.
Last year, JPMorgan unveiled its new headquarters tower at 270 Park Avenue – a 1,388-feet structure that will house up to 14,000 employees. The building is slated for completion in 2025.
The Post reported last August that CEO Jamie Dimon had been quietly telling senior managers at the bank to push their workers to work on site five days per week – more than the officially stated three-day requirement.
“The worry is if people aren’t in their seats five days a week, those seats could be moved from our team,” a source close to the situation told The Post at the time. “If someone’s not there, it makes it a pretty easy decision to fire them first.”
JPMorgan and other banks have stepped up pressure on employees to work from the office as anxiety mounts regarding the state of the US economy. Those worries were exacerbated in recent days as turmoil slammed the banking sector following the failures of Silicon Valley Bank and Signature Bank of New York.
Goldman Sachs CEO David Solomon declared last fall that 65% of the bank’s workforce was on site five days per week.
[Written in collaboration with other media outlets with information from the following sources]
