JPMorgan Chase, the largest bank in the United States, has reportedly laid off around 1,000 employees despite announcing record-breaking annual profits. According to a report by Barron’s on Wednesday, the bank is planning further workforce reductions in mid-March, May, June, August, and September.
At the end of 2024, JPMorgan’s total workforce stood at 317,233 employees. In January, the bank, a leader in the US financial sector, posted unprecedented profits, driven by strong dealmaking and trading performance during the final quarter’s market recovery.
Meanwhile, JPMorgan CEO Jamie Dimon has dismissed employee demands to relax the company’s five-day return-to-office policy. During an animated town hall meeting on Wednesday, some employees petitioned the management to reconsider the strict work-from-office requirement. However, Dimon made it clear that such requests would not be entertained.
"Don’t waste time on it. I don’t care how many people sign that f***** petition,"* he reportedly said, according to a recording reviewed by Reuters.
Dimon stressed that employees had a choice regarding their employment at JPMorgan, stating, "It’s a free country. Don’t be mad at me." He also demanded increased efficiency across departments, instructing teams to achieve 10% improvements by reducing reports, meetings, documents, and training sessions.
By Wednesday evening, approximately 950 employees had signed the petition opposing the mandatory five-day in-office policy. However, Dimon firmly rejected the possibility of making attendance decisions a matter of managerial discretion.
"There is no chance that I will leave it up to managers. Zero chance. The abuse that took place is extraordinary," he said.
Dimon, who has led JPMorgan for 19 years, has long been critical of remote work. He argued that Zoom meetings diminished efficiency and creativity, making in-person collaboration essential. His stance aligns with other Wall Street leaders and former US President Donald Trump, who has also advocated for an end to remote work arrangements in the federal government.
JPMorgan’s return-to-office mandate has faced pushback from employees, particularly as the bank's profitability surged and its share price nearly doubled over the past five years. Some workers questioned the necessity of spending more time in the office when financial performance remained strong.
During the town hall, Dimon expressed frustration with corporate inefficiencies, citing an instance where a wealth management decision required 14 committee approvals.
"I feel like firing 14 chairmen of committees, I can't stand it anymore," he said. "I'm sorry. It's my fault. I'm the boss."
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