JPMorgan Tells Senior Traders to Restaff Offices by Sept. 21
(Bloomberg) -- JPMorgan Chase & Co. is requiring its most senior sales and trading employees to return to their offices by Sept. 21, the strongest move yet by a U.S. bank to restaff its workplaces.
The new order applies to managing directors and executive directors who oversee subordinates, according to a person briefed on the plans, which were communicated to sales and trading staff during phone calls Wednesday. Those with childcare or health issues are exempt.
The biggest U.S. bank had been opening its offices to more staff over the past few months, but few had been required to return. Bloomberg reported Tuesday that JPMorgan executives were discussing compelling workers to return to New York City and other places where Covid-19 had subsided.
In an effort to show that newly reconfigured offices are safe, members of the bank’s senior operating committee, including Chief Executive Officer Jamie Dimon, spent time working from the bank’s offices for most of the summer, said the person, who asked not to be identified discussing internal matters.
A JPMorgan spokesman declined to comment. The Wall Street Journal reported earlier on the changes.
The decision spurred a tweet from President Donald Trump, who has been pushing for businesses and schools across the U.S. to reopen. Trump applauded the bank’s move, though he inaccurately said it applied to all employees.
“Congratulations to JPMorgan Chase for ordering everyone BACK TO OFFICE on September 21st,” Trump tweeted. “Will always be better than working from home!”
Six months into the pandemic, banks are making plans to increase their New York-area staffing. Citigroup Inc. started circulating a survey to its workforce in New York, New Jersey and Connecticut earlier this week to gauge interest in partially repopulating offices across the tri-state area. Goldman Sachs Group Inc. said Wednesday it would implement a rotational policy when bringing employees back to their regular workplace.
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