Leaked memo shows JPMorgan will let some bankers ‘work from home three days a week instead of two’

Leaked memo shows JPMorgan will let some bankers 'work from home three days a week instead of two' 2
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A top JPMorgan executive has told his staff they can work from home three days a week, after workers at the multinational bank complained that the company was tracking their in-office ID swipes in an effort to force them to come back.

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Drew Cukor, an executive at the bank’s artificial intelligence machine and learning and engagement wing, sent out a memo to ‘CTO and TRAIN members’ on Tuesday.  

‘The Firm has heard from many around the business…and we’re making a few adjustments,’ he said, according to a copy of the memo obtained by Insider. 

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‘Effective immediately: We are now authorized to invite our workforce to two days a week in the office.’

It is unclear what the team acronyms refer to. JPMorgan Chase did not immediately respond to requests for comment from DailyMail.com. 

JPMorgan CEO Jamie Dimon has been adamant about getting workers back to the office, even as some have talked to the media about their experiences being ‘forced’ back into the office by supervisors who have had the ‘fear of God’ put into them.

But last month, Dimon conceded that ‘working from home will become more permanent in American business,’ adding that 40 percent of the company’s 270,000 employees could work a few days at their desk.

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Mayor Eric Adams of New York City, where JPMorgan is based, has urged companies to call their workers back to the office, calling it crucial for the city’s ‘financial ecosystem.’

JPMorgan Chase will allow at least some of its employees to work from home three days a week, according to a leaked memo from a top executive

JPMorgan Chase will allow at least some of its employees to work from home three days a week, according to a leaked memo from a top executive 

The move comes after employees grumbled that the bank was deploying coercive tactics to force them to go back in. Last month, CEO Jamie Dimon conceded that about 40 percent of the bank's 270,000 employees could do a hybrid model

The move comes after employees grumbled that the bank was deploying coercive tactics to force them to go back in. Last month, CEO Jamie Dimon conceded that about 40 percent of the bank’s 270,000 employees could do a hybrid model

NYC Mayor Eric Adams has repeatedly called on companies to call their workers back to the office. In February he quipped, 'You can't stay home in your pajamas all day'

NYC Mayor Eric Adams has repeatedly called on companies to call their workers back to the office. In February he quipped, ‘You can’t stay home in your pajamas all day’

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In the letter dated Tuesday, Cukor said he expected his workers to meet the ‘generous modification’ requiring them to go into the office two days a week with ‘earnestness.’

Many employees are reportedly on hybrid rotas where they only go in for three days a week.

‘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. 

Drew Cukor heads up artificial intelligence and machine learning at the bank. He previously served in the US Marine Corps for 25 years

Drew Cukor heads up artificial intelligence and machine learning at the bank. He previously served in the US Marine Corps for 25 years

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‘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,’ he wrote.

Cukor joined the bank last year after serving in the US Marine Corps for 25 years, serving in multiple roles.

He was the head of Project Maven, which focused on developing computer vision algorithms to process drone footage, FedScoop reported.

Last week, four sources told Business Insider that JP Morgan workers were having their ID swipes checked to ensure they were going into the office. 

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One London-based worker said: ‘At JPMorgan, nobody trusts you. The higher-ups don’t trust you to do your job if they’re not constantly watching you in the office.’

Another, more senior member, said even managers were not keen and had left them ‘deathly afraid’ of their teams not having 100 per cent attendance.

They said: ‘I don’t know whether it’s because they themselves are too timid or whether it’s because the fear of God has been put into them by a bank manager.’

They added: ‘But every time there’s something that requires participation, you sense the panic.’ The two sources reportedly said they were looking to leave the company.

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In a recent letter to shareholders, CEO Dimon said 50 percent of the bank’s employees around the world would have to return to the office full time. About 10 percent could work from home forever, he added, while the rest could get by on a hybrid model.

Meanwhile Goldman Sachs has also reportedly been looking at ways to coax workers back in the office.

Sources told DealBook bosses had talked about the idea for younger bankers at their weekly meetings.

They were apparently mulling over scheduling in-office appointments so they had to attend in person.

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Last week, four sources told Business Insider that JP Morgan workers were having their ID swipes checked to ensure they were going into the office

Last week, four sources told Business Insider that JP Morgan workers were having their ID swipes checked to ensure they were going into the office

Last month junior Goldman Sachs bankers whose salaries start at $110,000 threatened to quit their jobs after the firm demanded they turn to the office five days a week.

‘In Goldman Sachs, the top management says it’s employees choice but internally they track which team has most in office attendance,’ an employee wrote on the message board Blind, according to New York Post. 

‘It’s f***ing bulls**t from top management saying they are people first,’ they added. ‘In our team meeting, manager showed us the excel where the MDs [managing directors] are tracking which department has not met in-office commitments.’ 

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Another Goldman Sachs employee wrote on Blind: ‘Apparently they are tracking everyone’s attendance and managers are getting lists of people who have low attendance so they can bully them into coming in.’ 

The investment bank demanded employees return to the office five days a week earlier this month, after CEO David Solomon branded working from home an ‘aberration’.

Last month, Goldman Sachs employees threatened to quit their jobs with starting salaries of $110,000 after the company demanded they return to the office five days a week. Above, the bank's HQ in New York City on Monday, June 14, 2021

Last month, Goldman Sachs employees threatened to quit their jobs with starting salaries of $110,000 after the company demanded they return to the office five days a week. Above, the bank’s HQ in New York City on Monday, June 14, 2021

‘It’s an aberration that we’re going to correct as quickly as possible,’ Solomon said last year.

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‘The CEO has repeatedly argued that remote work ‘is not ideal for us, and it’s not a new normal.’

Meanwhile this month Goldman Sachs scrapped Covid perks for New York City-based staff including a free car to and from work, as well as free lunches.

The upcoming policy changes, made by CEO David Solomon, comes after the Wall Street giant put an end to two years of free lunches and breakfast at the office.

Both were designed to incentivize workers to come work in-person amid COVID-19 and a surge in crime in New York.

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New York City Mayor Eric Adams stressed in February the need to get workers back to offices.

Adams seemed to allege he was seeing many people going from work-from-home Monday to Friday, to going out on the weekends.

‘You can’t tell me you’re afraid of Covid on a Monday and I see you in the club on Sunday,’ Adams joked.

The mayor previously told leaders of major companies in the city to prioritize getting workers back in the office to stimulate the city’s economy.

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‘In order for our economic – financial ecosystem, I should say – to function, we have to have human interaction,’ Adams said at an economic development event at the Brooklyn Navy Yard in February, according to Insider.

‘It can’t be done from home. And if we do that, then we’re going to greatly impact low wage workers.’

He added: ‘You can’t stay home in your pajamas all day.’

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