Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Hybrid workingOfficesFinancial servicesLatest NewsFlexible working

JP Morgan cuts office space and warns of Brexit relocation

by Adam McCulloch 8 Apr 2021
by Adam McCulloch 8 Apr 2021 Photo: Shutterstock
Photo: Shutterstock

The head of global investment bank JP Morgan has told shareholders the firm could cut office space by more than a third in coming years as some staff at the investment bank shift permanently to working at home.

Chief executive Jamie Dimon wrote in his annual letter to shareholders that the bank was expected to need just 60 seats per 100 people in future and new practices would “significantly reduce our need for real estate”.

He said he expected “many” of the firm’s 255,000 staff to return to office locations full time, with some working under a hybrid model and about 10% of employees in “very specific roles” working from home completely. Construction of the company’s new New York HQ would continue, he said.

Brexit fears

Dimon warned that the bank may have to consider moving UK operations to Europe because of Brexit – a statement of particular interest to its 19,000 employees at offices in London, Bournemouth, Glasgow and Edinburgh.

Hybrid workforce planning

HSBC staff to work permanently at home

Financial services workers call for flexibility

Google plans office return

Global bank to make working from home permanent

Workforce planning and business confidence survey 2021

Webinar: The future of the workplace 

London is the headquarters of JP Morgan’s Europe and Middle East region while the Bournemouth site is thought to be the largest private sector employer in Dorset.

Dimon said there were many issues yet to be resolved in the UK’s new relationship with Europe, which “has had, and will continue to have, the upper hand” in Brexit negotiations.

How many roles at the bank were to be moved out of the UK depended on how it is eventually agreed financial services will operate, he said.

“We may reach a tipping point many years out when it may make sense to move all functions that service Europe out of the United Kingdom and into continental Europe,” Dimon wrote, adding that Brexit would hurt the UK’s long-term economic prospects.

In the US he called for measures to reduce inequality such as raising the minimum wage, increasing taxes on the wealthy and eliminating tax breaks that benefit private equity firms and private jets.

“Many of our citizens are unsettled, and the fault line for all this discord is a fraying American dream – the enormous wealth of our country is accruing to the very few. In other words, the fault line is inequality,” he said.

Other finance firms altering working practices include HSBC, which has told 1,200 call centre staff in the UK they can work from home permanently, and Lloyds Banking Group which in February announced it was to reduce its office space by 20% over two years. The decision was taken after three-quarters of Lloyds’ 68,000 employees had said they wanted to work from home for three or more days a week in future.

Archbishop intervenes

Meanwhile, a proportion of Goldman Sachs’ UK staff are thought this week to have been returning to their offices for the first time since the initial 2020 lockdown.

About 200 of the US investment bank’s workers could return to the main London office from Tuesday, joining several hundred staff who have been at their desks throughout the various lockdowns through the need to use specialised computers and software. Goldman Sachs employs about 6,000 workers in London overall.

Goldman’s chief executive, David Solomon, has described working from home as an “aberration” that must be rectified “as soon as possible”. The bank recently came under fire over long working hours and poor work-life balanced endured by junior staff working at home. Although Soloman said the company was taking the complaints very seriously, it emerged that managers were paying for food hamper deliveries to junior bankers out of their own pockets to help them get through 95-hour weeks.

Now, the Archbishop of Canterbury has weighed in over the long hours question, telling the Financial Times the firm’s attitude over working hours meant that its message was that “nothing matters more than the maximum amount of money we can get”.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

He added: “You’ll carry that into ethics of the organisation. You can’t compartmentalise and say, I’m going to make you work a 95-hour week, because we’ve got to have more profit, but you’ve got to be really ethical while you’re doing that. Because what you’re asking them to do is not ethical. It’s internally incoherent. I really worry where I see staff working too hard.”

Latest HR job opportunities on Personnel Today

Browse more human resources jobs

Adam McCulloch

Adam McCulloch first worked for Personnel Today magazine in the early 1990s as a sub editor. He rejoined Personnel Today as a writer in 2017, covering all aspects of HR but with a special interest in diversity, social mobility and industrial relations. He has ventured beyond the HR realm to work as a freelance writer and production editor in sectors including travel (The Guardian), aviation (Flight International), agriculture (Farmers' Weekly), music (Jazzwise), theatre (The Stage) and social work (Community Care). He is also the author of KentWalksNearLondon. Adam first became interested in industrial relations after witnessing an exchange between Arthur Scargill and National Coal Board chairman Ian McGregor in 1984, while working as a temp in facilities at the NCB, carrying extra chairs into a conference room!

previous post
1,200 HSBC employees to work permanently from home
next post
Life after furlough: reintegrating staff into work

You may also like

Workers ‘wait and see’ as companies struggle to...

16 May 2025

Four ways employers can reduce the risk of...

14 May 2025

Senior execs at BlackRock to work in office...

8 May 2025

Post-pandemic starters seek more pay for on-site working

10 Apr 2025

Fifth of flexible working requests denied one year...

7 Apr 2025

Employers struggling to manage rising levels of sickness...

7 Apr 2025

Remote working isn’t bad – it just needs...

1 Apr 2025

Hybrid workers less sick and less stressed

28 Mar 2025

Dog owners more likely to want to work...

24 Mar 2025

Finland’s workplaces the key to top spot in...

20 Mar 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+