Anthony has never been one to attend company meetings, but when messages flooded in about his CEO's comments on remote work, the technology vice president knew he couldn't ignore them.
During a town hall at a newly opened JPMorgan Chase branch in Columbus, Ohio, IT employee Nicolas Welch asked CEO Jamie Dimon about giving managers more flexibility in return-to-office (RTO) decisions. Dimon responded with frustration, criticizing remote workers for being inattentive on Zoom and claiming that he couldn’t reach anyone on Fridays. His expletive-laced remarks quickly went viral, igniting internal tensions.
For many employees, Dimon’s comments were the final push to consider their options—some are exploring new opportunities, others are strategizing ways to influence work policy, and a few are discussing collective action.
“Jamie Dimon basically said, ‘If you don’t like it, you know where the door is.’ Well, we do,” Anthony said, speaking anonymously as he wasn’t authorized to discuss internal matters. “And that’s going to cost the firm talent.”
JPMorgan has built a reputation as a technology-driven financial powerhouse, boasting a $17 billion IT budget and nearly 60,000 tech employees. The firm invests in cutting-edge research across artificial intelligence, quantum computing, and blockchain to maintain its competitive edge. However, industry recruiters and employees warn that its rigid RTO mandate could undermine its ability to attract and retain top-tier tech talent. While 70% of JPMorgan’s 317,233 employees are already in the office full-time, tech workers remain part of the group still working remotely at least one or two days per week.
The war for tech talent has always been competitive, with firms offering perks like gourmet meals, massages, and even paid family planning services. But as cost-cutting measures eliminate many of these benefits, hybrid work has emerged as a leading differentiator.
Ryan Mazza, head of Selby Jennings’ New York office, has “no doubt” that firms enforcing a five-day RTO will lose talent. “Companies that stick to flexible policies will have a competitive edge,” he said.
Firms embracing hybrid work are making bold statements. Spotify reinforced its commitment with a Times Square billboard declaring that its employees aren’t children and can work remotely. Citigroup CEO Jane Fraser has upheld hybrid work, and fintech firm Revolut has followed suit. Meanwhile, JPMorgan’s hybrid schedule officially ends on March 3.
Welch’s question at the town hall didn’t settle the debate—it inflamed it. Employees are discussing collective action, with some exploring unionization efforts.
“People feel empowered. Where that leads, I don’t know yet,” Welch said.
JPMorgan declined to comment.
Tech-Driven, Talent-Reliant
JPMorgan’s technological scale is unparalleled. The bank employs approximately 44,000 software engineers managing 6,000 applications and overseeing an exabyte of data. This infrastructure has contributed to record-breaking financial results, with a 2024 net income of $59 billion.
JPMorgan’s AI ambitions remain aggressive, with Dimon declaring he won’t lose the AI race to disruptors. The firm’s AI research division, led by former Carnegie Mellon professor Manuela Veloso, has earned top rankings on the Evident AI Index for financial institutions.
Despite this reputation, Deepali Vyas, global head of data, AI, and fintech at Korn Ferry, warns that return-to-office policies could hurt hiring. “Top talent has choices,” she said. “Without flexibility, firms risk losing skilled professionals to more innovative environments.”
A JPMorgan executive director overseeing data science and engineering admits concerns about talent retention under the new policy. “Eliminating hybrid work shrinks our talent pool,” he said. “Many were already weighing options, and this may push them to leave.”
JPMorgan isn’t alone in tightening remote work policies. Goldman Sachs’ David Solomon and Citadel’s Ken Griffin mandated full-time office returns in 2021. More recently, Amazon, Dell, and AT&T have followed suit.
Mazza notes that return-to-office policies are influencing salary expectations. Tech candidates now ask for an additional $5,000 to $10,000 to offset commuting and childcare costs.
While employees like Anthony are in discussions with competitors, recruiters don’t anticipate an immediate exodus. However, over time, the policy shift could be detrimental.
“When the job market shifts even slightly in favor of workers, the best talent will be the first to leave,” Vyas said.
Frustration Grows
Welch’s exchange with Dimon has made him a familiar face at JPMorgan. Colleagues offer him high-fives in the hallways, and someone even handed him a mockingjay pin—a nod to the rebellion symbol from “The Hunger Games.”
After reports surfaced that Welch was nearly fired over the incident before the decision was reversed, he received multiple job offers. Still, he remains loyal to JPMorgan. “Why would I want to work anywhere else? Chase is the best,” he said.
However, he criticizes the firm’s rigid stance. As someone who helps care for his 68-year-old mother, a hybrid schedule provides necessary flexibility. “She can’t reach the top shelf. I can quickly help and get back to work. Why take that away?” he questioned.
JPMorgan’s Polaris campus in Columbus, home to over 19,000 employees, plays a key role in its tech strategy. But employees complain that the RTO plan is disorganized. Many say there aren’t enough desks, parking spots, or conference rooms to accommodate everyone, and on-site cafeterias are unprepared for the influx.
A January memo acknowledged that some locations wouldn’t be ready by March 3, promising updates by the end of the month. Yet, as February ends, many workers remain in the dark. Polaris staff, for example, still don’t know when they must return.
“The messaging feels rushed and unplanned,” said one executive.
An analyst whose office permanently closed during the pandemic remains uncertain about their future. “I was told it’s ‘business as usual’ until further notice, but my manager advised me to start looking elsewhere,” they said.
For some, the reasoning behind the policy feels flawed. “Bringing people back doesn’t eliminate Zoom meetings,” said a software manager in Ohio. “Collaboration is an excuse. The only difference is that two people on my Zoom call will be sitting next to me.”
Growing Push for Unionization
The backlash has sparked discussions about unionizing. Nick Weiner, a senior campaign lead for the Communications Workers of America, confirmed ongoing talks with JPMorgan employees.
“They saw this coming,” Weiner said, adding that Dimon’s remarks only intensified their resolve. “The way he handled it poured gasoline on the fire.”
Dimon later admitted he shouldn’t have sworn, but the damage was done. A petition against the RTO policy has gathered over 1,700 signatures, and an internal Signal group now has about 200 members. Dimon dismissed the petition’s significance, but employees remain undeterred.
Welch recently joined a meeting to learn more about the unionization process—not out of resentment but because of his dedication to the company.
“I respect Dimon, even after he cussed at me,” Welch said. “We love our jobs enough to fight for them. These rigid mandates are completely different from the culture we’ve worked in. We just want to be heard.”
