NEW YORK–The nation’s largest bank said it now expects its senior staff to be back in the office five days per week. In addition, JPMorgan Chase & Co. reminded other employees on hybrid schedules that attendance is expected three days a week at a minimum.
“Most of you are following your hybrid models, but there are a number of employees who aren’t meeting their in-office attendance expectations, and that must change,” the memo said, according to the New York Times.
The Times report said the JPMorgan memo further states managers will need to ensure attendance requirements are met. In cases where employees aren’t following requirements, managers will take “appropriate performance management steps, which could include corrective action,” the memo notes, according to the report.
JPMorgan’s operating committee, which wrote the memo, is made up of a top level of executives from across the bank and the inner management group of Chief Executive Jamie Dimon, the Times explained.
Law Firm Ties Attendance to Pay
Meanwhile, a high-profile law firm that serves many of Wall Street’s largest banks and other firms, Davis Polk & Wardwell LLP, has told staffers that those who don’t adhere to the firm’s policy to spend at least three days a week in the office could see their bonuses reduced. The shift reflects a desire among the firm’s leaders to see associates in the office on Tuesdays, Wednesdays and Thursdays, as is currently required, according to the Times.
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