JP Morgan Chase

Culture Fail of the Month: JP Morgan Chase

It’s been widely reported that JP Morgan Chase is now tracking employees’ onsite attendance through the keycard system in place at the company’s buildings around the world and holding managers accountable for employees’ presence in office. This has reportedly created an atmosphere of mistrust amongst the employee base, and frustration for managers.

One London-based worker told The Daily Mail in the U.K. that “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.”

CEO Jamie Dimon has been one of the most vocal supporters for employees returning to the office.  He said in a recent letter to shareholders that 50% of the bank’s 270,000 global employees must return to the office five days a week, 40% can follow a hybrid schedule with some days at home and some in the office (most are required to be in office at least 3 days per week), and the remaining 10% can work remotely full-time.

Despite these edicts, many employees have reportedly refused to return to the office full or part-time. Further, a top executive already appears to be backtracking;  informing some impacted employees that they could cut down on the number of days they spend working on-site (just two days a week instead of three). In today’s hypercompetitive war for talent, it will be interesting to see how these policies affect the retention of key employees and the company’s ability to attract new talent to the firm.

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