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    DBK   DE0005140008

DEUTSCHE BANK AG

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Deutsche Bank : Working from home 'doesn't work for those who want to hustle' - JPMorgan CEO

05/04/2021 | 01:13pm EDT
FILE PHOTO: JPMorgan Chase CEO Jamie Dimon speaks at the North America's Building Trades Unions (NABTU) 2019 legislative conference in Washington

NEW YORK (Reuters) - Working from home does not work for everyone, especially those who want "to hustle," JPMorgan Chase & Co's chief executive said on Tuesday at a conference in New York.

The largest American bank recently told it workers that it expects all U.S.-based employees back in offices on a rotational basis by early July, subject to current public health rules limiting office capacity to 50%.

Bank CEO Jamie Dimon said he wants people back at work because exclusively working from home "doesn't work for young people."

"It doesn't work for those who want to hustle. It doesn't work for spontaneous idea generation. It doesn't work for culture," Dimon said at a conference hosted by the Wall Street Journal.

Dimon said he is open to some employees working from home a few days a week, a policy other banks like Deutsche Bank, HSBC and UBS are reportedly exploring.

But starting on May 17, Dimon said he wants employees bank in the office a few days a week to reacclimate themselves to the workplace after working from home for over a year during the COVID-19 pandemic.

Dimon's "get used to it" approach, which could include requiring employees get vaccinated, has faced a backlash. Dimon said he received a "nasty email" from an employee's wife who disagreed with the push to return to work.

"But that's life," Dimon said, saying the bank will be more competitive and work better for clients with employees meeting in person again.

"In my view, September, October, it will look just like it did before and everyone's going to be happy with it."

(Reporting by Elizabeth Dilts Marshall. Editing by Mark Potter)

By Elizabeth Dilts Marshall


ę Reuters 2021
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Financials
Sales 2021 23 738 M 28 822 M 28 822 M
Net income 2021 1 126 M 1 367 M 1 367 M
Net cash 2021 37 867 M 45 976 M 45 976 M
P/E ratio 2021 22,2x
Yield 2021 1,20%
Capitalization 23 861 M 29 018 M 28 971 M
EV / Sales 2021 -0,59x
EV / Sales 2022 -0,90x
Nbr of Employees 84 389
Free-Float 92,8%
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Mean consensus UNDERPERFORM
Number of Analysts 25
Average target price 10,31 €
Last Close Price 11,57 €
Spread / Highest target 29,7%
Spread / Average Target -10,8%
Spread / Lowest Target -47,3%
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Managers and Directors
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr President
James von Moltke Chief Financial Officer
Paul Achleitner Chairman-Supervisory Board
Bernd Leukert Chief Technology, Data & Innovation Officer
Sector and Competitors