JPMorgan CEO Dismisses Remote Work Petitions Amid Mass Layoffs: ‘Work Here or Leave’
JPMorgan Chase has laid off over 1,000 employees despite posting record profits in 2024, with more job cuts expected. CEO Jamie Dimon has rejected employee petitions opposing the bank’s strict five-day office mandate, telling staff to “work here or leave.”
Layoffs Despite Record Profits
Despite reporting record annual profits fueled by strong dealmaking and trading, JPMorgan Chase has moved forward with significant downsizing. According to Barron’s, the bank, which employs 317,233 people as of late 2024, is set to continue cutting jobs in the coming months.
During a town hall meeting, employees urged management to reconsider the rigid in-office policy. However, according to a recording reviewed by Reuters, Dimon dismissed the petitions outright, saying:
“Don’t waste time on it. I don’t care how many people sign that f*ing petition.”**
Dimon’s Firm Stance on Office Mandates
Dimon made it clear that in-office attendance would not be left to managers, citing inefficiencies in remote work. A petition signed by 950 employees opposing the policy was swiftly rejected.
Additionally, Dimon has called for a 10% increase in efficiency, demanding fewer reports, meetings, and documents to cut through bureaucracy. He recalled a case where a wealth management issue required 14 committee approvals, highlighting inefficiencies in the bank’s processes.
Strong Profits, Employee Backlash
Despite mounting employee frustration, JPMorgan’s profits soared in 2024, with the bank doubling its share price over the past five years. Dimon, who has led the company for 19 years, remains firm on his stance: in-office work is non-negotiable.