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JPMorgan to ‘significantly’ shrink real estate as pandemic drives workforce overhaul

‘Remote work will change how we manage our real estate,’ bank boss Jamie Dimon wrote in a letter to investors

Wednesday, 7 April 2021 at 11:43

In the UK, JPMorgan has around 15% of employees back at the office
In the UK, JPMorgan has around 15% of employees back at the office Photo: Getty Images

JPMorgan will have around 2,500 global staff working from home permanently and could only retain desk slots for 60% of workers, meaning the US banking giant will dramatically shrink its office space in the wake of the pandemic.

Jamie Dimon, the bank’s chairman and chief executive, said in his annual shareholder letter that up to 10% of JPMorgan's some 255,000 employees could work from home for “very specific roles” and that some staff could split their time between home and the office under a so-called hybrid model.