JPMorgan Chase & Co (NYSE:JPM) has requested its managing directors to work from the office for five days a week, according to a memo seen by Reuters on Wednesday.
"Our leaders play a critical role in reinforcing our culture and running our businesses," read the memo, continuing: "They have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings."
"There are a number of employees who aren’t meeting their in-office attendance expectations, and that must change… Everyone should be able to work five days a week in the office," the bank said.
JPMorgan chief Jamie Dimon has spoken out against the post-Covid trend of working from home, telling the World Economic Forum in Davos this January that it “doesn’t work” for bosses.
Younger employees also don't benefit from the arrangement, Dimon suggested, though he did suggest maintaining flexible working options for working mothers.
Dimon’s Wall Street counterparts at Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) have been similarly critical of the effects of hybrid working.
“They don’t get to choose their compensation, they don’t get to choose their promotion, they don’t get to choose to stay home five days a week,” Morgan Stanley (NYSE:MS) chief James Gorman said of his employees at the same Davos conference. “I want them with other employees at least three or four days.”
Goldman Sachs (NYSE:GS) chief David Solomon has called working from home an “aberration”.