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

Published by Business Insider on Wed, 05 May 2021


<p><img src="https://static1.businessinsider.com/image/6064ab69daf0f10018f9941f-2400/2017-05-01T120000Z_1810737523_RC1AF5261670_RTRMADP_3_MILKEN-CONFERENCE-DIMON.JPG" border="0" alt="jamie dimon jpmorgan" data-mce-source="Mike Blake/Reuters"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Jamie Dimon is sick of Zoom meetings and sees plenty of downsides to not working face-to-face with people.</p><p>The JPMorgan CEO said on Tuesday he was ready to leave video calls behind and get back into the office as soon as possible in remarks at <a href="https://www.wsj.com/articles/jamie-dimon-on-booming-economy-and-finally-getting-off-zoom-11620138720'mod=hp_lead_pos6">The Wall Street Journal's CEO Council Summit</a>.</p><p>When the coronavirus pandemic forced JPMorgan employees and many others to work from home, it "accelerated a trend," Dimon said.</p><p>"But it does not work for young people," he added. "It doesn't work for those who want to hustle."</p><p>The Wall Street Journal's editor in chief, Matt Murray, asked Dimon about his personal feelings on Zoom meetings and remote work.</p><p>"I'm about to cancel all my Zoom meetings. ... I'm done with it. I'm going to Boston today," Dimon responded.</p><p>The CEO has <a href="https://www.businessinsider.com/jpmorgans-ceo-jamie-dimon-return-to-office-instagram-face-masks-2021-4">spoken critically about remote work</a> 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 he's struggled at times to get ahold of employees.</p><p>Dimon told Murray that he had been attending outdoor meetings and traveling and that in-person conversation was better for "spontaneous idea generation."</p><p>He said that in a trip to California about six months ago, he met with 100 to 150 people, from venture capitalists to women's groups and investors.</p><p>"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.</p><div><iframe allowfullscreen="true" webkitallowfullscreen="true" mozallowfullscreen="true" frameborder="0" scrolling="no" marginheight="0" marginwidth="0" width="512" height="288" src="https://video-api.wsj.com/api-video/player/v3/iframe.html'guid=0107C13C-B790-4BEC-9984-ECA1DE46EA97"></iframe></div><p>"My view is that sometime in September or October, it'll look just like it did before," Dimon said at the summit.</p><p>"I just don't think the world is going to be that dramatically different," he added.</p><p>Dimon has been consistent on this point. He <a href="https://www.businessinsider.com/jpmorgans-ceo-jamie-dimon-return-to-office-instagram-face-masks-2021-4">told clients in a webinar</a> he expected a mask-free office by October. But Dimon does expect some form of hybrid work to continue.</p><p>JPMorgan is reconfiguring its offices to about 60% of their former capacity, <a href="https://www.businessinsider.com/jpmorgan-ceo-office-capacity-60-percent-employees-covid-remote-work-2021-4">Insider reported in April</a>. The reconfiguration will result in a lower overhead cost for real estate.</p><p>"My view is that there will be more hybrid work," the CEO told Murray.</p><p>The bank will also be hiring more young people, <a href="https://www.businessinsider.com/jpmorgan-to-hire-more-junior-bankers-to-battle-burnout-source-2021-4">Reuters reported</a>, 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 <a href="https://www.businessinsider.com/jpmorgan-chase-internships-investment-bank-markets-office-summer-jamie-dimon-2021-4">bringing some interns to its offices</a> in New York City and London for in-person work this summer.</p><p><a href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-remote-work-downsides-young-people-hustlers-2021-5#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/bpa-plastic-containers-bad-health-risks-obesity-heart-disease-diabetes-2019-2">Why I'm throwing away every plastic thing in my kitchen ASAP</a></p>
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