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Jamie Dimon Says JPMorgan Won't Go Remote After the Pandemic

04/07/2021 | 09:32am EDT

By Marie Beaudette

JPMorgan Chase & Co. Chief Executive Jamie Dimon said many of the bank's roughly 250,000 employees will come back to the office after the pandemic.

In his annual letter to shareholders Wednesday, Mr. Dimon said the bank expects "nearly all" of its bank-branch employees to report back to a physical location full time, as would many in critical operations and trading, among other jobs. A smaller group will work under a hybrid model, Mr. Dimon said, while perhaps 10% of employees in "very specific roles" will work from home every day.

JPMorgan's stance on remote work is in keeping with other big banks, which have been slow to adopt large-scale hybrid arrangements and permanent work-from-home roles. One big exception is Citigroup Inc., which last month said most employees would only be expected in the office three days a week after coronavirus restrictions are lifted.

Most employees learn their jobs through an apprenticeship model, Mr. Dimon said, a setup that is "almost impossible to replicate in the Zoom world."

"And remote work virtually eliminates spontaneous learning and creativity because you don't run into people at the coffee machine, talk with clients in unplanned scenarios, or travel to meet with customers and employees for feedback on your products and services," he wrote.

Mr. Dimon said the bank will follow health-authority and government guidance when determining when to bring employees back to physical locations. A coronavirus outbreak on the trading floor of the bank's Madison Avenue headquarters last year rattled some rank-and-file employees who were expected to continue coming into the office.

Mr. Dimon said changes to its offices, including more open seating and space-booking tools, will reduce its real-estate needs. Still, the bank is moving forward with plans to build a new headquarters on Park Avenue in Manhattan that will accommodate between 12,000 and 14,000 employees, he said.

"It's in the best location in one of the world's greatest cities," Mr. Dimon said.

Write to Marie Beaudette at marie.beaudette@wsj.com

(END) Dow Jones Newswires

04-07-21 1132ET

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -0.12% 72.45 Delayed Quote.17.50%
JPMORGAN CHASE & CO. 0.74% 153.3 Delayed Quote.20.64%
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Financials (USD)
Sales 2021 120 B - -
Net income 2021 39 124 M - -
Net Debt 2021 - - -
P/E ratio 2021 11,6x
Yield 2021 2,40%
Capitalization 465 B 465 B -
Capi. / Sales 2021 3,88x
Capi. / Sales 2022 3,85x
Nbr of Employees 259 350
Free-Float 74,0%
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Technical analysis trends JPMORGAN CHASE & CO.
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 163,88 $
Last Close Price 153,30 $
Spread / Highest target 23,9%
Spread / Average Target 6,90%
Spread / Lowest Target -28,2%
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Managers and Directors
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jennifer A. Piepszak Chief Financial Officer
Lori A. Beer Chief Information Officer
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