JP Morgan is grappling with desk shortages at its London head office after demanding its 22,000 UK employees fully return to the workplace.
Despite a company-wide directive to end working from home arrangements, the investment bank’s Canary Wharf office cannot accommodate all 14,000 of its London-based staff, according to The Telegraph.
The bank has seven offices in the UK, which also includes technology hubs in Glasgow and Bournemouth, and regional site in Bristol, Edinburgh, Leeds and Manchester. However, just 60% of JP Morgan’s offices in the Europe, Middle East, and Africa region have enough desk space for all employees to attend full-time.
The Glasgow branch, which opened last April, is expected to be among the first UK sites to implement a full five-day office return as the US lender enforces its new policy next month. This 14-storey building on Argyle Street has enough space to accommodate all 2,700 of its city-based staff.
Full-time office returns
Advertising giant WPP demands return to office
Previously, JP Morgan permitted most employees to work remotely two days a week, while managing directors were required to be present at work full-time. However, last month, a staff memo announced a revision of the hybrid working policy initially implemented during the pandemic.
Emphasising the irreplaceable benefits of in-person collaboration, the memo said: “The benefits of working together in person are substantial and irreplaceable, and as we spend more time together, the more advantages we gain.”
The shift has sparked criticism from its workforce, who argue the policy has created “unnecessary friction”. An online petition, created by a group named JPMC Workers, is urging the company to reinstate its hybrid working policy and is warning of “increasing toxicity” within the organisation. More than 1,000 employees have signed it so far.
The petition, which highlights existing challenges, stated: “Many corporate offices are crowded enough as things stand. They lack the space, the parking, and sometimes even the food-service capacity for the full complement of employees in the office all at once.”
At a town hall meeting earlier this week, JP Morgan’s CEO, Jamie Dimon, responded to the backlash, implying that dissatisfied employees were free to leave. According to Reuters, Dimon reportedly stated: “I don’t care how many people sign that f—— petition.”
In January, JP Morgan announced record annual profits of $58bn (£46bn), bolstered by a significant rise in dealmaking revenue and heightened trading profits resulting from the volatility around the US election.
Sign up to our weekly round-up of HR news and guidance
Receive the Personnel Today Direct e-newsletter every Wednesday
HR opportunities in Accountancy, Banking, Finance and Insurance on Personnel Today
Browse more HR opportunities in Accountancy, Banking, Finance and Insurance
