Jamie Dimon says remote work ‘doesn't work’ for younger staff, management

 The JPMorgan Chief said at Davos that working from home reduces " Spontaneity " even as well Street leaders acknowledge that full time office attendance is a thing of the past..

Dimon's comments come amid an industrywide slowdown in finance and increasing signs of a recession, which has pused big banks to slash bonuses cut jobs and pause hiring.

Jamie Dimon said working from home " doesn't work " for younger staff or bosses , the Wall Street titan's latest salvo against remote work .

"It doesn't work for young kinds or spontaneity or management, " JP Morgan Chase & Co.'s chief executive said in an interview with CNBC Thursday at the world Economic Forum in Davos, Citing researching and condign as fields that can be done remotely. " There are jobs where it is reasonable".

Dimon's comments come amid as industrywide slowdown in finance and increasing signs of a recession, which has pushed big banks to slash bonuses, cut jobs and pause hiring. The economic uncertainty has increased concerns among workers across all industries that bosses could use return-to-office (RTO) mandates as a reason for letting people go , even as the broader job market remains strong. Dimon's reference to younger staff could heap additional anxiety on junior bankers, who are experiencing their first bad business environment.    

Dimon also said remote work can " help women," given the caregiving duties that disproportionately fall upon them. "Modify your company to help woman stay home a little, "he said. Half of working mothers want to work remotely most or all of the time, according to an ongoing survey of morn than 10,000 white-collar workers from the Future Forum, a research  consortium backend by Sales force Inc.'s Slack.

Along with Morgan Stanley chief James Gorman and Goldman Sachs Group Inc. CEO David Solomon, Dimon has been one of the most vocal critics of remote work. Despite their comments, though the heads of major banks have acknowledged recently that three workers are typically only in the office between three and four days a week. A few wall street bosses, like Citi group Jane Fraser, have been more accepting that working from home can benefit engagement and even productivity, saying recently that Wall Street's insistence on full-time office attendance feels dated. Still , even Fraser Said this week that if a worker's productivity dips, they can expect to spend more time in the office.

In a separate interview on Bloomberg Television Thursday, Gorman said working five days a week in the office " Won't happen again," and Dimon has previously allowed that about 40% of his workforce will operate under a hybrid model , which includes days in the office and at home.

Hybrid work models are by far the most popular approach for desk workers right now, according to ongoing surveys to tens of thousands of workers form WFH  Research , a group that includes Stanford University remote work guru Nicholas Bloom. For the week ending Jan 11 ,office occupancy in New York City stood at 45.6 % of a pre-pandemic baseline, according to badge data from security firm Kastler Systems. That's no higher then levels seen in mid-September ,  a time when many organizations sent out fresh RTO mandates.

But with layoff announcements becoming more common the flexibility that many white color workers have come to expect could be at risk in some sectors. Goldman has plan to are as many as 3200 jobs, although it will continue to hire selectively across the firm. Bank of America Corp.is putting a pause on hiring except for the most critical roles. Morgan Stanley has been "Overdue " for right sizing the workforce because it hasn't done much to pull back in recent years, Gorman has said . Still the firm had also embarked on a fresh round of jobs cuts.

As those personnel moves shake out, Dimon's perspective on remote work could serve as a warning for those under him. "we Shouldn't feed the squeaky wheel, "he said . "you can go write your book and work at home."