A top JPMorgan Chase executive reportedly informed some employees this week that they could cut down on the number of days they spend working on site – a move that followed internal friction over the bank’s stringent return to office policy.
In a memo to addressed to JPMorgan’s “CTO and TRAIN members,” JPMorgan executive Drew Cukor revealed that impacted workers would be able to work out of the office just two days a week instead of three.
Cukor is an executive in JPMorgan’s artificial intelligence and machine-learning wing.
“I know many are working effectively from the office, from home and everywhere in between. I’m grateful for everyone’s hard work and patience over these last few months,” Cukor said in the memo obtained by Business Insider.
“Productivity and delivery of effective solutions to our business partners is always top priority alongside the health, safety and happiness of each member of our team,” Cukor wrote. “I respectfully ask that with this generous modification that all members of our team meet the two-day with earnestness.”
Cukor said the change was based on feedback from “many around the business” that led the division to make “a few adjustments” to the policy.
The bank has reportedly taken drastic measures to ensure compliance with its return to office policy, including tracking employees ID swipes to measure attendance. Some employees described feeling stressed about the effort.
One JPMorgan employee wrote on the corporate message board Blind that it “feels like every movement is tracked,” according to Insider. “We are treated like children who don’t want to do their homework and need constant monitoring.”
JP Morgan Chase did not immediately return a request for comment on the memo.
JPMorgan Chase chief Jamie Dimon is among those pushing workers to get back to the office – though he acknowledged in his annual shareholder letter last month that “working from home will become more permanent in American business.”
In the letter, Dimon predicted that some 50% of the bank’s overall workforce would likely need to work on site full-time in the future, while 40% would adopt a hybrid model and about 10% would be allowed work remotely full time.
During a Wall Street Journal event the previous summer, Dimon said the bank was “getting blowback about coming back internally, but that’s life.”
Business Insider reported last week that JPMorgan has a “general expectation” that hybrid workers across the bank will work at least three days per week in the office, according to leaked internal documents.
Demanding return-to-office plans are a source of friction on Wall Street – especially among junior employees.
As The Post reported earlier last month, some junior staffers at Goldman Sachs have grumbled that they are being “bullied” into working on site five days a week.
“In GS, the top management says it’s employees’ choice but internally they track which team has most in office attendance,” one Goldman employee wrote on the corporate message board Blind.