JPMorgan Chase : JP Morgan’s UK staff set to return to office from next month
May 11, 2021 at 11:21 am EDT
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JP Morgan has told its UK staff that more of them will return to the office from next month as restrictions start to ease.
The American bank told staff to prepare for a “consistent schedule” which combines both remote and office working but offices will operate at maximum 50 per cent of capacity, according to a memo seen by Financial News.
More employees are set to return to its London and Bournemouth sites from 21 June, but the timetable for its Glasgow and Edinburgh offices may vary. A vaccination will not be required to return to the office.
Read more: Exclusive: Quarter of UK businesses to close or downsize offices as UK embraces hybrid working
On Monday Boris Johnson announced England would continue with its planned easing of lockdown restrictions from 17 May, which will see people allowed to meet indoors for the first time in months.
Very little guidance was given on working from home however, and for how long that should continue when restrictions ease from 21 June. However JP Morgan and its US peers are starting to move ahead with plans to return to the office next month.
Goldman Sachs has told its US employees to be prepared to work from offices from 14 June, while UK staff will return the following week.
Read more: No full-time return to the office for over a million British workers
European banks, which have not fared as well as the large US banks during the pandemic, have embraced more of a hybrid approach.
HSBC plans to cut office space by up to 40 per cent and has scrapped its entire executive floor at its Canary Wharf headquarters. It will instead be used for client meeting rooms and collaborative space, leaving top executives to hot desk.
Societe Generale has told staff they can work remotely for up to three days a week, while Barclays boss Jes Staley has previously indicated he will avoid a strict mandate on time at the office.
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JPMorgan Chase & Co. is one of the biggest banking groups in the world. Revenues (including intragroup) break down by activity as follows:
- investment and market banking (40.2%): consulting for mergers-acquisitions and restructuring, capital increases, investment capital, active on the stock, bond, and derived product markets, stock market brokerage, etc.;
- retail banking (38.9%): sale of standard and specialized financial services (real estate loans, automobile loans, insurance, etc.) through a network of more than 4,790 banking agencies. The group also develops credit cards sale activity;
- asset management (13.2%): USD 3,113 billion of assets under management at the end of 2021;
- commercial banking (7.7%).
At the end of 2021, the group was managing USD 2,462.3 billion in current deposits and USD 1,077.7 billion in current loans.
Income breaks down geographically as follows: the United States (76.2%), Europe/Middle East/Africa (13.6%), Asia/Pacific (7.9%), Latin America and Caribbean Islands (2.3%).