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7 JPMorgan employees explain why the bank's return-to-office policies have them running for the exits — and what they want to tell Jamie Dimon about his 'surveillance state'
JPMorgan Chase is tracking employee ID swipes to enforce in-office quotas for hybrid workers.
Seven current and former staffers say its policies are behind decisions to look for work elsewhere.
Below they described their fears, from losing bonuses to endangering loved ones.
Since the start of the coronavirus pandemic, swaths of the white-collar workforce have experienced a transformation in when, where, and how they work.
Powered by technology and the realization that a job doesn't have to be done from a specific place, millions of workers — many with their employers' blessing — have gladly said goodbye to wading through traffic and crowded subway cars to get to the office.
Even the
financial-services industry
, one of corporate America's staunchest supporters of getting employees back to the office, has acquiesced somewhat to workers' demands for more flexibility. After enjoying record revenue during the fully remote pandemic years, firms like JPMorgan Chase, Citi, and Lazard have broken with Wall Street convention and established hybrid work schedules for segments of their workforces.
JPMorgan CEO Jamie Dimon recently indicated in a letter to shareholders that roughly 50% of the bank's 270,000 workers had been asked to return to the office five days a week because they work in bank branches or in jobs like sales and trading. Another 40%, including asset-management and technology workers, have been told they can come in part time, often just two or three days a week. The remaining 10% are expected to work from home full time.
JPMorgan's hybrid policy might seem reasonable — especially compared with rivals like Goldman Sachs, which is enforcing a five-day office policy — but the mandate has nevertheless sparked turmoil within the bank.
Insider first reported in April that the bank is tracking workers' ID swipes to enforce its hybrid work policy. But it's not so much the tracking that bothers employees as what comes next. Swipe data is fed into dashboards and reports that are then shared with senior leaders. Employees who fail to meet the company's in-office quotas can expect to receive emails and calls from these senior leaders about their whereabouts.
The JPMorgan employees who complained to Insider often described the bank's hybrid rules as one-size-fits-all, applying across the board no matter the individual's circumstances or their direct managers' input. Some JPMorgan workers also expressed fear that their bonuses and promotions could be in jeopardy if they don't comply with the bank's return-to-office policies — even in cases where they felt that following the policies could have deleterious effects on their job performance or harm their loved ones.
Large companies calling employees back to the office a few days a week have tough choices to make. A failure to enforce the rules can lead to a sense of chaos and unfairness, while a strict approach can lead to an exodus of talent as people find more flexibility elsewhere.
For the people who spoke with Insider, leaving often felt like the only answer. Some have already quit, and others say they're scanning job boards. "People are begging for help to get out right now," a former vice president who left earlier this year said.
As JPMorgan's hybrid policies are among the most generous on Wall Street, people who choose to be investment bankers will probably stay put. But other sectors, including tech, are offering far more flexibility, opening up opportunities for people with transferable skills, like technologists and other back-office workers.
In a statement to Insider, a spokesperson for JPMorgan Chase said: "It's difficult for us to comment on anonymous anecdotes and circumstances. That said, we know there are employees with unique situations which is why we have worked to address and accommodate those who need it — and will continue to do so.
"There's no doubt remote work and increased flexibility are here to stay, but in-person interaction is important for creativity, culture, and training, among other things. We have a wide range of roles and job functions across the bank and hybrid work arrangements that both support our employees and best serve our customers, too," the spokesperson added.
Insider spoke with seven current and former JPMorgan staffers unhappy with the firm's environment, which a former executive director described as a "surveillance state" where watchful eyes feel ubiquitous.
They spoke on the condition of anonymity for fear of reprisal from JPMorgan. Insider verified their identities, employment histories, and details of their accounts using techniques like examining personal and medical records and screenshots of internal company communications.
Insider obscured some details, such as the staffers' ages or genders, to safeguard their identities.
Here are their stories, in their own words. Interviews have been edited for length and clarity.
My loved one is dying from cancer
—A current employee involved with business functions in the US
Last year, a close loved one who lives with me had a large tumor taken out of the abdominal region. It weighed 8 pounds and was slowly rotting. The situation has deteriorated rapidly ever since.
Exactly how long we have left is a guessing game. Time is running out, though. The cancer is terminal, and our doctors say it's a matter of weeks or months.
While all this has been going on, I've spent hours and hours over the past year filing requests to be allowed to work from home until this is over. My latest request has yet to be approved. For now I'm choosing to stay at home, isolated from the outside world, even though I still haven't received an official exemption saying I don't have to come into the office. It's unclear when or if I will.
Deviating from the rules is scary, but, realistically, what choice do I have? If I go in, I run the risk of bringing COVID home — and our doctors have said that would almost certainly ki-l my loved one. At that point, they've said, treatment would feel like torture but make no real difference in the outcome, which would inevitably be fatal. My managers know all this, but the ultimate power to approve the request isn't in their hands.
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Source:
Paywalled:
https://www.businessinsider.com/jpmorgan-employees-vent-about-the-bank-return-office-tracking-effort-2022-5
Without Paywall:
https://archive.ph/4pgXO