Dimon Dismisses In-Office Pushback, Demands 10% Efficiency Gains at JPMorgan

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JPMorgan Chase CEO Jamie Dimon dismissed employee complaints about the bank’s five-day return-to-office policy during a lively town hall meeting on Wednesday, as per a recording reviewed by Reuters.

Some JPMorgan employees had voiced frustration on internal platforms, complaining about the loss of hybrid working arrangements, with one group even starting an online petition asking Dimon to reconsider the policy. In response, Dimon bluntly told employees, “Don’t waste time on it. I don’t care how many people sign that petition,” which prompted some laughter from the crowd.

Dimon, who has led the bank for 19 years, urged for greater efficiency and emphasized that employees have the option to work elsewhere if they aren’t happy with the policy. He made it clear that they shouldn’t direct their frustrations toward him, adding, "It’s a free country."

The decision to end remote work has sparked dissatisfaction among employees as COVID-19 restrictions eased, especially among back-office workers. Some have even consulted the Communications Workers of America (CWA) about potentially forming a labor union, a rare move in the finance sector. By Wednesday evening, nearly 950 employees had signed the petition against the five-day policy, although JPMorgan employs over 317,000 people globally.

Dimon criticized staff for a lack of attention during virtual meetings, which he believes led to reduced productivity and creativity. He also argued that the bank’s strong financial performance—record profits in 2024 and a doubling of its share price in five years—should make employees question why they needed to spend more time in the office.

When asked about management autonomy over office policies, Dimon made it clear that managers would have no say in the matter, saying, “There is no chance I will leave it up to managers. Zero chance. The abuse that took place is extraordinary.”

Dimon’s stance on office work aligns with many Wall Street executives and with President Donald Trump, who has called for an end to remote work in federal agencies.

Dimon also emphasized his focus on efficiency across all departments, requesting a 10% improvement, which he believes could be achieved by cutting back on reports, meetings, and training sessions.

He shared frustrations over excessive committee approvals in wealth management, joking about firing the 14 committee heads involved. Dimon also criticized lengthy performance reviews, saying he often disregarded them for being unnecessarily lengthy and overly cautious due to legal and regulatory concerns.

On hiring, the bank is maintaining flat headcount but continues to invest in new talent where necessary, with a current open position count of 14,000.

 

 

Paraphrasing text from "Reuters" all rights reserved by the original author