JP Morgan is struggling to provide office space for its 22,000 UK staff, prompting the bank to force employees back into the office five days a week. Despite a company-wide order to end home working, only three-quarters of the bank’s European offices have enough desk space.
The investment bank has seven UK offices, including its headquarters in London’s Canary Wharf. However, the Glasgow office is set to become one of the first to implement the new policy, with enough space for all 2,700 staff based in the city.
JP Morgan had previously adopted a hybrid working policy, allowing employees to work from home two days a week. However, the bank has changed its mind and will now require full-time attendance. The move has sparked backlash from staff, who claim it has created “unnecessary friction” and are now protesting online.
In response to the complaints, Jamie Dimon, the bank’s chief executive, has suggested that employees can leave if they disagree with the new policy. JP Morgan recently posted record profits of $58 billion (£46 billion) driven by a surge in revenue from dealmaking and trading business volatility.
Source: https://finance.yahoo.com/news/jp-morgan-runs-desk-space-123908745.html