REUTERS/Neil HallSummary List Placement
As many companies embrace remote work for the long haul, JPMorgan is bucking a trend by ordering sales and trading staff back to the office this month.
It's a bid to increase productivity across the board after the bank saw a dip, "particularly on Mondays and Fridays" bookending weekends, and to spark more organic creativity among younger bankers, CEO Jamie Dimon told an analyst last week.
"While the CEO is hopeful that the good aspects of the WFH shift can continue, he also has seen a number of drawbacks," Brian Kleinhanzl, an analyst at Keefe, Bruyette & Woods, said in a note to clients Monday.
"The WFH lifestyle seems to have impacted younger employees, and overall productivity and 'creative combustion' has taken a hit," he continued, because "organic interaction tends to foster knowledge and ideas and that has suffered from the shift to WFH."
The COVID-19 pandemic, which sent JPMorgan's bankers home in March, has forced companies from Wall Street to Silicon Valley to broadly re-think how they view office space. Twitter, at one end of the re-imagination spectrum, has told workers they can now work remotely forever, while others like REI and Amazon opt for more de-centralized approaches.
In finance specifically, fewer than half of banks and brokerages plan to let their workforce remain at home long-term, FIS found in its survey of 250 firms. Only 26% responded they were "somewhat likely" or "very likely" to maintain remote working in the long term.
- Traders at Wall Street's biggest bank are reportedly being ordered back to the office this month
- Wall Street is starting to get back to work. Here are the latest return-to-office plans for 5 firms, including Goldman Sachs and Bank of America.
- JPMorgan tech salaries revealed: Here's what developers and engineers get paid at Wall Street's biggest bank
SEE ALSO: Uber-rich investors hungry for growth have turned their sights on the private market. Here's how wealth firms like Citi and UBS are transforming their businesses to meet those client demands.