JP Morgan Scrambles for Office Space Amidst Mandatory Return-to-Office Policy
JP Morgan faces a space crunch at its London headquarters as it mandates its 22,000 UK staff to work five days a week on-site. Despite a company-wide cessation of remote work, the investment bank's Canary Wharf office currently lacks sufficient desk space to accommodate all 14,000 London employees.
Across its UK offices, including hubs in Glasgow, Bournemouth, Edinburgh, Manchester, Leeds, and Bristol, only three-fifths have adequate desk space for all staff. Consequently, JP Morgan's Glasgow office, which opened in 2022, will be one of the first in the UK to implement the five-day return policy starting next month.
JP Morgan previously allowed employees to work remotely for two days a week, while mandating in-office attendance for managing directors. However, a recent staff memo announced the revision of the hybrid working policy, emphasizing the benefits of in-person collaboration.
The policy shift has sparked backlash from staff, who express concerns about "unnecessary friction" in the workplace. Over 1,000 employees have signed an online petition calling for an expansion of the hybrid working policy, citing overcrowding and resource constraints.
At a town hall meeting, CEO Jamie Dimon dismissed the complaints, reportedly stating that employees who disagree with the policy are free to leave. Despite the resistance, JP Morgan remains committed to the full-time return-to-office model.