JPMorgan Chase asks some managers to return to the office

Agence France-Presse

Posted at Sep 11 2020 08:17 AM

NEW YORK - JPMorgan Chase, the largest US bank, has asked the heads of its sales and trading units to return to the office by September 21, a person familiar with the plans said Thursday.

The announcement was made during a telephone conference call with the team leaders of those units, many of whom have already returned to the bank's downtown offices, the source told AFP.

JPMorgan Chase CEO Jamie Dimon has spent most of the summer in the New York City office.

The bank's request however is addressed to the heads of these divisions, not to all employees.

JPMorgan plans to be flexible with people who have to manage childcare problems, as many area schools have moved partially or entirely to online courses.

They also will be flexible with employees who are at high risk of exposure to the novel coronavirus, or live with someone at high risk.

JPMorgan plans to monitor the pandemic in each city and location where it operates and adjust to changing circumstances.

The bank believes that having these employees in the office strengthens culture, creates a more cohesive work environment and is important for training newcomers.

Contacted by AFP, JPMorgan Chase declined to comment on the changes, first reported by the Wall Street Journal.

The activities of JPMorgan, as well as all of Wall Street's major financial institutions, were seriously disrupted earlier in the year when the Covid-19 pandemic began to spread, especially affecting New York City.

Many employees opted for teleworking while others have been relocated to emergency sites.

This did not prevent the Wall Street giant from posting record profits in the second quarter of 2020 thanks especially to brokerage and investment banking activities.

© Agence France-Presse