JPMorgan Doubles Investment Banker Presence in Offices
(Bloomberg) -- JPMorgan Chase & Co. is doubling the proportion of investment bankers coming in to its New York and London offices as Wall Street firms inch back toward normal work arrangements.
The U.S. bank requested that 50% of its dealmakers be in the office on a given workday, up from 25% previously, according to a person familiar with the matter. Bankers will work from home or the office on alternating weeks, according to the person, who requested anonymity to discuss private staff moves.
The increased presence starts Monday in London and Tuesday in New York, the person said. More than half the sales and trading staff are already coming into the London office, the person said. The details were earlier reported by Financial News.
Other banks are also starting to lay out plans for their workforces.
Citigroup Inc.’s Europe markets chief Leonardo Arduini hosted an online town hall with staff last week where he outlined plans for more workers to return to the bank’s Canary Wharf premises, especially in sales and trading, from Sept. 7, according to people familiar with the matter. It currently has around 20% of markets staff occupying its London office, one of the people said.
Deutsche Bank AG invited about a fifth of its London employees back to the office this week, Financial News also reported, up from 10% previously. The proportion of the German lender’s investment bankers who’ve returned to the office is far higher.
Representatives for JPMorgan, Citigroup and Deutsche Bank declined to comment.
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