The New York-based finance giant had a major presence in DFW, including six floors in the Hunt Building.
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JPMorgan Chase & Co. will largely end remote work and require most of its employees to return to the office five days per week, according to a memo obtained by Dallas Business Journal.
The New York-based financial giant, which has a major presence in the Dallas-Fort Worth Metroplex, informed employees in a Jan. 10 memo from its operating committee that those currently working on hybrid schedules will be mandated to return to the office five days a week starting in March. More than half of JPMorgan Chase’s workforce already comes into the office full-time, according to the memo.
JPMorgan Chase (NYSE: JPM) had more than 316,000 total employees as of Sept. 30, according to a federal filing. In DFW, the company has about 18,500 employees.
“Developing effective teams and maintaining a vibrant, healthy culture are clearly key for our success — and we believe best achieved through working together in person,” the operating committee said in the memo.
A spokesman for JPMorgan Chase declined a request for additional comment.
Executives acknowledged that many employees prefer hybrid schedules and will not agree with the committee’s decision. However, the committee said it has had time to evaluate the benefits and challenges of remote and hybrid working now that it has been a few years since the global pandemic, and “feel that now is the right time to solidify our full-time in-office approach.”
“We think it is the best way to run the company. As we’ve discussed before, the benefits of working together in person are substantial and irreplaceable, and as we spend more time together, the more advantages we gain,” the memo reads.
JPMorgan Chase is not alone in mandating employees return to the office. Goldman Sachs and Morgan Stanley have also made employees return to the office. Others, like Comerica and Bank of America, have continued to utilize hybrid policies. Outside finance, Amazon and AT&T have made headlines for clamping down on remote work.
The operating committee listed a number of benefits from having employees working in the office. Being in the office together enhances mentoring, learning and brainstorming, the committee said. It also helps decisions be made faster and allows employees who are early in their careers to learn from more experienced employees while expanding their networks across the firm.
A “few specific teams whose work can be easily and clearly measured” will continue to work remotely or on a hybrid schedule, according to the memo.
The company also said it will continue to support “flexibility in the workplace” so employees can work remotely “as life events happen.” Managers will be directed to provide employees with the flexibility to allow for remote work when in situations such as “unexpected occurrences” or family commitments.
DFW is one of JPMorgan Chase’s largest employment bases outside of New York. The bank occupies six floors in the Hunt Building at 1900 N. Akard St. in downtown Dallas, where it has a capacity for around 700 employees. The company also has a large campus at Legacy West in Plano where it has more than 12,000 employees.
JPMorgan Chase’s local footprint also includes 186 branches, with five more on the way after the bank recently announced plans to open 500 more locations across the U.S. in a major expansion of its retail network.
JPMorgan Chase is also the second-largest bank in DFW by deposits with more than $86 billion as of June 30, according to Federal Deposit Insurance Corp. data.