JPMorgan’s Jamie Dimon cracking down on remote work

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Insiders claim a specific tower being built in Midtown Manhattan is probably a big factor in Jamie Dimon’s increased aggressiveness behind the scenes with a crackdown on remote employment.

JPMorgan's Jamie Dimon cracking down on remote work

JPMorgan’s Jamie Dimon cracking down on remote work

According to insiders close to the firm, JPMorgan’s hard-charging CEO has been subtly informing senior managers that he wants the mega-rank bank’s and file to be in their desks five days a week, which is a stricter requirement than the bank’s stated policy of three days.

JPMorgan's Jamie Dimon cracking down on remote work

Additionally, it is more in keeping with the demands made by Goldman Sachs, which long ago required that everyone return to its headquarters in downtown Manhattan five days per week.

JPMorgan’s Jamie Dimon cracking down on remote work

Immediately stating that the bank has no intentions to alter itspolicy hybrid.The US economy is preparing for a “storm,” in Dimon’s words, yet there is nevertheless rising worry within JPMorgan’s employee ranks.

JPMorgan's Jamie Dimon cracking down on remote work

The Post said that while dealmaking on Wall Street has slowed significantly from its brisk pace before the outbreak, rumours of hiring freezes and even layoffs have started to surface.

JPMorgan’s Jamie Dimon cracking down on remote work

The concern is that seats might be taken away from our team if people aren’t seated five days a week, according to a source familiar with the matter who spoke to The Post.

JPMorgan's Jamie Dimon cracking down on remote work

It is simple to decide to dismiss someone initially if they aren’t present.In order for workers to cooperate and work together, Dimon has underlined that the banking industry operates on an apprenticeship model.

JPMorgan’s Jamie Dimon cracking down on remote work

But there’s also the matter of the multibillion-dollar global headquarters that JPMorgan Chase is now constructing at 270 Park Avenue.

JPMorgan's Jamie Dimon cracking down on remote work

The new structure, which would occupy a full city block, rise 70 floors, and accommodate up to 15,000 employees, is anticipated to cost over $3 billion. Industry insiders told The Post that when it opens in 2025, Dimon doesn’t intend for it to be vacant.

JPMorgan’s Jamie Dimon cracking down on remote work

According to Mike Mayo, a bank analyst at Wells Fargo, “JPMorgan is a large investment in real estate in NYC; having lower occupancy rates is effectively driving down the assets they have as a bank and that’s a knock-on impact of the shareholder price.

JPMorgan's Jamie Dimon cracking down on remote work

A JPMorgan spokesperson cited an earlier statement the bank had made and said the bank had maintained the sentiment throughout.In general, we see a model where a large number of employees work locally full-time, some work remotely full-time for very specific roles, and some work in a hybrid model (e.g., some days per week in a location and the other days at home).

JPMorgan’s Jamie Dimon cracking down on remote work

Face time is essential for an aspiring dealmaker in this eat-what-you-kill environment” if they want to win over their managers, a banking source told The Post.

JPMorgan's Jamie Dimon cracking down on remote work

They couldn’t take your desk away from you if you were seated at it, the insider said, “in the 1980s, we had a saying on Wall Street.Junior bankers would be well to keep that in mind, the insider continues.

JPMorgan’s Jamie Dimon cracking down on remote work

A feeding frenzy for so-called “blank check” companies, or SPACs, a new vehicle for taking companies public quickly, that sparked an unprecedented deal volume last year as the pandemic waned led big banks like Goldman Sachs, JPMorgan, and Morgan Stanley to raise salaries for entry-level bankers to unprecedented levels.

JPMorgan's Jamie Dimon cracking down on remote work

But  those transactions have subsequently fallen through, causing the destruction of jobs, according to sources. JPMorgan Chase and Morgan Stanley both posted unexpectedly high profit declines last month.

JPMorgan’s Jamie Dimon cracking down on remote work

While JPMorgan recorded a 54% drop in investment banking fees in the most recent quarter, Morgan Stanley reported an 86% drop in equity underwriting fees.JPMorgan allegedly started firing hundreds of employees in its mortgage sector earlierthis summer, citing “cyclical adjustments.”

JPMorgan's Jamie Dimon cracking down on remote work

According toinsiders,SPAC-focused bankers may be the next to go in the coming weeks.Bankers’ fleeting flexibility to jump from company to company in quest of greater money during the epidemic is also disappearing.

JPMorgan’s Jamie Dimon cracking down on remote work

are applying, receiving offers, but not accepting them since last year’s workers hadgreatlyinflatedsalaryexpectations.

JPMorgan's Jamie Dimon cracking down on remote work

People believe they are paid less than the market rate, yet that amount of money isn’t being spent on,”

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