Banking In Pajamas? Top Brass Like Jamie Dimon Say No More

Zinger Key Points
  • The CEOs of JPMorgan Chase and Royal Bank of Canada are calling for employees to return to the office.
  • The requests come amid a possible economic slowdown and a rise in COVID-19 cases due to the BA.5 variant.

Since the start of the COVID-19 pandemic in March 2020, many companies around the globe had their employees working remotely or from home.

Two years later, many companies are asking for employees to return to the office, at least part-time. Employers believe that being in an office setting drives creativity, boosts productivity and helps embrace diversity.

Two that are pushing for a return to the office are JPMorgan Chase & Co JPM and Royal Bank of Canada RY

JPMorgan Chase CEO Jamie Dimon recently blasted working from home and Zoom Video Communications Inc ZM by calling it “management by Hollywood Squares.” Dimon referred to this old TV show during a call with the bank clients last week to reiterate his long-held preference for in-office working. 

Dimon also argued on the Tuesday call that remote working created a less honest working environment where workers were more prone to procrastination. "A lot of people at home are texting each other, sometimes saying what a jerk that person is," Dimon said.

Dimon’s comments came as the fight between management and employees about returning to the office heated up amid a possible economic slowdown and a rise in COVID-19 cases due to the BA.5 variant.

Also Read: Bank Of England Raises Rates Again, Says UK Is Entering Recession: Will The US Fed Follow Suit?

On Tuesday (Aug. 16), Royal Bank of Canada CEO Dave McKay asked his employees to start returning to the office. While many types of work could be done productively from outside the office, “technology can’t replicate the energy, spontaneity, big ideas, true sense of belonging and fun” of being together in person, McKay said. 

While many of the U.S.-based bank employees have started to return to the office, their Canadian counterparts have not followed suit. Yet, many see Tuesday’s memo as a signal that Canadian banks will soon ask employees to return to the office. McKay’s memo didn’t include specifics about how often employees will be asked to show up at the office but a bank spokesperson said that hybrid arrangements will involve working in person for two to three days a week. The spokesperson also shared the bank is planning to implement the new arrangements by the end of September. 

"For hybrid to continue to work effectively, we need to get the balance right and be a bit more deliberate about when and how we organize on-site,” McKay said in the memo. “That’s why, as we move into the fall, I’m asking our leaders and colleagues to come together more often in person to work and collaborate.”

Photo: Courtesy Lipik Stock Media of Shutterstock


Posted In: NewsManagementGlobalAfter-Hours CenterCanadaDave McKayJamie Dimon