JPMorgan Employees Report Lower Culture Scores: Survey

A leaked inside memo exhibits that extra JPMorgan staff are dissatisfied with firm tradition in comparison with final yr — and the return-to-office mandate is accountable.

In JPMorgan’s annual survey of firm tradition, which asks staff to assign a rating to issues like inside mobility, work-life stability, and well being and well-being, fewer JPMorgan staff seen their well being and well-being as vital to the corporate in comparison with final yr.

Associated: JPMorgan Will Fireplace Junior Bankers Over a Widespread Apply That CEO Jamie Dimon Calls ‘Unethical’

In response, firm management tied the decrease scores to its return-to-office (RTO) mandate. JPMorgan ordered staff again to the workplace 5 days per week in March, prompting some workers to search for jobs elsewhere and others to signal a petition calling for hybrid work. Nonetheless, the corporate and CEO Jamie Dimon didn’t budge.

“Well being and well-being scores stay favorable, although they dipped barely yr on yr,” Dimon and Chief Human Sources Officer Robin Leopold wrote in a leaked memo to workers, which was obtained by Barron’s. “We all know return full-time to the workplace has been an adjustment and one which not everybody agrees with, however we proceed to consider in-person is how we do our greatest work and the way we foster connections and mobility alternatives.”

Within the survey, staff additionally reported decrease scores in comparison with final yr for work-life stability and inside profession alternatives. Dimon and Leopold reassured staff within the leaked response e mail that JPMorgan prioritizes “profession mobility” in addition to “flexibility.”

^{JPMorgan Chase CEO Jamie Dimon. Photographer: Cyril Marcilhacy/Bloomberg through Getty Pictures}

JPMorgan asks staff to take the survey as soon as yearly, and this yr, 90% of its workforce, or 284,000 staff, responded to it. The participation charge was much like earlier years.

Different banks have requested staff to come back again to the workplace full-time even earlier. Goldman Sachs informed U.S. staff in August 2023 that they needed to work from the workplace 5 days per week.

Associated: Citigroup Is Sticking With a Hybrid Work Schedule. This is Why It Provides the Financial institution a Aggressive Benefit, In keeping with Its CEO.

Nonetheless, one financial institution has held onto a hybrid work coverage. Citigroup has determined to stay with a hybrid schedule for many of its 229,000-person workers, permitting for as much as two days of distant work per week. In keeping with a January report, Citigroup CEO Jane Fraser informed administrators on a quarterly name that Citigroup’s hybrid work coverage gave it a bonus in recruiting proficient workers.

JPMorgan anticipates that AI will permit it to ultimately scale back worker rely by 10% in some departments, together with operations and account companies. The financial institution, which is the biggest within the U.S. with $3.9 trillion in belongings, has grown its headcount from round 255,000 in 2020 to 317,000 in 2024.