JPMorgan Chase CEO Jamie Dimon scorned calls from some employees to soften the bank's five-day return-to-office policy in an animated town hall meeting on Wednesday, according to a recording reviewed by Reuters.
Employees at the largest U.S. bank have complained on internal message boards and chats about losing hybrid working arrangements, and one group launched an online petition urging Dimon to reconsider.
When asked about the in-person work policy during the staff meeting, he said: "Don't waste time on it. I don't care how many people sign that fucking petition," he said, drawing some laughter.
JPMorgan declined to comment.
Instead, Dimon demanded more efficiency and stressed that employees have a choice whether to work at JPMorgan. The CEO told them not to be mad at him, and said that it was a free country.
The rollback of remote working policies has prompted groans from some workers as COVID-19 lockdowns receded. JPMorgan's call for more workers to come back brought a deluge of complaints, many from back-office workers.
Some employees sought advice from the Communications Workers of America on how they might set up a labor union, a rare thing in the U.S. finance sector, CWA campaign lead Nick Wiener said.
About 950 people had signed the petition against the five-day policy by Wednesday evening. JPMorgan has more than 317,000 employees worldwide.
Dimon, who has run the lender for 19 years, said some staff did not pay attention during Zoom meetings, which reduced their efficiency and creativity.
JPMorgan's profits surged to a record in 2024 and its share price roughly doubled in the past five years. The strong performance prompted some workers to question why they needed to spend more time in the office.
In-office requirements will not be left up to managers, Dimon said.
"There is no chance that I will leave it up to managers," he said. "Zero chance. The abuse that took place is extraordinary."
Dimon's view is shared by many Wall Street leaders and President Donald Trump, who demanded the end of remote work arrangements in the federal government.
Dimon has asked all the bank's departments to show 10% gains in efficiency, which would entail 10% cuts in reports, meetings, documents and training sessions.
During the town hall, Dimon recounted a story about a wealth management matter that required 14 committee approvals.
"I feel like firing 14 chairmen of committees, I can't stand it anymore," he said. "I'm sorry. It's my fault. I'm the boss."
He also cited performance reviews for the bank's operating committee that could stretch to six pages.
"Because of legal and risk, they have to look at it, the regulators might say, there could be litigation around it, so you have to be careful," Dimon said. "I get the thing, I throw it in the goddamned garbage can."
Dimon was also asked about hiring.
The bank is working to keep headcount flat, and "we continue to invest in hiring new professionals where appropriate and currently have 14,000 open positions," a company spokesperson said in a statement.
Employees at the largest U.S. bank have complained on internal message boards and chats about losing hybrid working arrangements, and one group launched an online petition urging Dimon to reconsider.
When asked about the in-person work policy during the staff meeting, he said: "Don't waste time on it. I don't care how many people sign that fucking petition," he said, drawing some laughter.
JPMorgan declined to comment.
Instead, Dimon demanded more efficiency and stressed that employees have a choice whether to work at JPMorgan. The CEO told them not to be mad at him, and said that it was a free country.
The rollback of remote working policies has prompted groans from some workers as COVID-19 lockdowns receded. JPMorgan's call for more workers to come back brought a deluge of complaints, many from back-office workers.
Some employees sought advice from the Communications Workers of America on how they might set up a labor union, a rare thing in the U.S. finance sector, CWA campaign lead Nick Wiener said.
About 950 people had signed the petition against the five-day policy by Wednesday evening. JPMorgan has more than 317,000 employees worldwide.
Dimon, who has run the lender for 19 years, said some staff did not pay attention during Zoom meetings, which reduced their efficiency and creativity.
JPMorgan's profits surged to a record in 2024 and its share price roughly doubled in the past five years. The strong performance prompted some workers to question why they needed to spend more time in the office.
In-office requirements will not be left up to managers, Dimon said.
"There is no chance that I will leave it up to managers," he said. "Zero chance. The abuse that took place is extraordinary."
Dimon's view is shared by many Wall Street leaders and President Donald Trump, who demanded the end of remote work arrangements in the federal government.
Dimon has asked all the bank's departments to show 10% gains in efficiency, which would entail 10% cuts in reports, meetings, documents and training sessions.
During the town hall, Dimon recounted a story about a wealth management matter that required 14 committee approvals.
"I feel like firing 14 chairmen of committees, I can't stand it anymore," he said. "I'm sorry. It's my fault. I'm the boss."
He also cited performance reviews for the bank's operating committee that could stretch to six pages.
"Because of legal and risk, they have to look at it, the regulators might say, there could be litigation around it, so you have to be careful," Dimon said. "I get the thing, I throw it in the goddamned garbage can."
Dimon was also asked about hiring.
The bank is working to keep headcount flat, and "we continue to invest in hiring new professionals where appropriate and currently have 14,000 open positions," a company spokesperson said in a statement.
