JP Morgan has ordered its 14,000 London-based employees back to the office full-time—only to find that it does not have enough desks to accommodate them.
The US investment bank, which operates from Canary Wharf and the City, is now scrambling to increase its desk space after scrapping its hybrid working policy, which previously allowed staff to work from home three days a week.
The decision, outlined in a January memo, sparked internal backlash, with more than 1,000 employees signing a petition urging management to reinstate flexible working. In response, the bank’s leadership acknowledged that some employees “prefer a hybrid schedule” but stated that the shift to full-time office work was now necessary.
“We are now a few years out of the pandemic and have had the time to evaluate the benefits and challenges of remote and hybrid working,” the memo read. “The benefits of working together in person are substantial and irreplaceable, and as we spend more time together, the more advantages we gain.”
Chief executive Jamie Dimon made his stance clear during a staff town hall meeting on Wednesday, reportedly telling employees: “I don’t care how many people sign that f***ing petition.” He added that those unhappy with the policy were free to leave.
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