Up to 30% of JPMorgan staff will work from home on rotating basis: Jamie Dimon
Jamie Dimon has been vocal about the drawbacks of working from home
JPMorgan Chase CEO Jamie Dimon estimated that 20 to 30% of staff will work from home on a rotating schedule due to the coronavirus pandemic, while recently speaking at the Sibos financial conference.
"There will be some permanent work from home. People who work from home will permanently rotate or have a schedule three days in, two days out," Dimon said on Monday. "I don't think it will be 100% of the population. It will be 20-30% or something like that. It's got to work for the companies and the clients."
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JPMorgan Chase employees have been working on such a rotation starting this fall, although only a quarter are back in its New York City offices. The company thinks such a system will save on real estate and public transportation as well as be more sustainable for the environment.
"The really shocking thing is we were able to, a lot of companies, not just JPMorgan, send our people home and work with communication tools and traders kits and all these other technologies," Dimon said, adding that spring of 2020 was one of the busiest times in banking ever.
However, working from home has drawbacks, especially for younger people in their apprentice period, Dimon said.
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"You lose a lot. ... Culture, character, learning — you can't do a lot of that remotely," he said.
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JPMorgan Chase made headlines when it called some trading staff back to the office in New York City and London in September, only to be forced to send some employees home in New York City after a worker tested positive for coronavirus.
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