/JPMorgan CEO says that working remotely does not work for young people and those who want to hustle

JPMorgan CEO says that working remotely does not work for young people and those who want to hustle

  • JPMorgan’s CEO said remote work makes it harder for young people and those that hustle.
  • He said that he did not expect the working world to change dramatically due to the pandemic.
  • JPMorgan hopes to have people back in the office, mask-free, by October of this year. 
  • See more stories on Insider’s business page.

Jamie Dimon is sick of

Zoom
meetings and sees plenty of downsides to not working face to face with people.

The JPMorgan CEO said that he’s ready to leave video calls behind and get back into the office as soon as possible, in remarks at the The Wall Street Journal’s CEO Council Summit on Tuesday.

When the coronavirus pandemic forced JPMorgan employees — and many others — to work from home, it “accelerated a trend,” Dimon said. 

“But it does not work for young people,” he added. “It doesn’t work for those who want to hustle.” 

The Wall Street Journal’s editor-in-chief, Matt Murray, asked Dimon about his personal feelings on Zoom meetings and remote work.

“I’m about to cancel all my Zoom meetings … I’m done with it. I’m going to Boston today,” Dimon responded. 

The CEO has spoken critically about remote work during the coronavirus pandemic, citing the need for a hybrid work model that’s flexible but still works for “the company and the clients.” He’s previously said simply letting everyone do “what they want” isn’t an option because it’s inefficient, and that he’s struggled at times to get ahold of employees.

Dimon told Murray that he had been attending outdoor meetings and traveling, and that in-person conversation is better for “spontaneous idea generation.” 

Dimon has been having some in-person meetings, he said during the summit, all of them outside. He said in a trip to California about six months ago, he met with 100 to 150 people, from venture capitalists to women’s groups to investors.

“I got to see my bankers in action,” he added. He also mentioned in-person meetings with clients, often over a glass of wine, where they might share why JPMorgan did or did not get a piece of business.

 

Dimon said in the summit that “my view is that sometime in September or October, it’ll look just like it did before.” 

“I just don’t think the world is going to be that dramatically different,” Dimon added. 

Dimon has been consistent on this point. He told clients in a webinar that he expected a mask-free office by October. However, Dimon does expect some form of hybrid work to persevere.

JPMorgan is reconfiguring its offices to about 60% of their former capacity, per reporting from Insider in April. The reconfiguration will result in a lower overhead cost for real estate.

“My view is that there will be more hybrid work,” the CEO told Murray.    

The bank will also be hiring more young people, per reporting from Reuters, after junior bankers across the industry raised concerns about long hours and burnout. It’s hiring more support staff to lessen the burden on individual workers, and, in an effort to get more young people in the doors, looking into bringing some interns into its offices in New York City and London for in-person work this summer. 

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