Jamie Dimon rips working from home as ‘management by Hollywood Squares’


JPMorgan Chase CEO Jamie Dimon blasted working from home and Zoom as “management by Hollywood Squares,” utilizing the dated TV present reference on a name with the financial institution’s rich purchasers final week to reiterate his long-held desire that staff return to the workplace, Yahoo Finance studies.

Dimon argued on the Tuesday name that distant work creates a working setting that’s much less trustworthy and extra vulnerable to procrastination. “A lot of people at home are texting each other, sometimes saying what a jerk that person is,” stated Dimon. (His Hollywood Square remark referred to the decades-old recreation present—that’s not in manufacturing—wherein the place celebrities sat in a three-by-three grid to reply questions from contestants.)

Dimon’s remarks come as the tussle between administration and workers on the return to the workplace heats up and a potential financial slowdown threatens to erode workers’ leverage to remain home.

In the previous, Dimon has stated that work-from-home is a poor match for JPMorgan’s workers. Last yr, he argued that distant work “doesn’t work for people who want to hustle, doesn’t work for culture, doesn’t work for idea generation.” 

In a shareholder letter launched earlier this yr, the financial institution stated that it anticipated half its workers to return to the workplace full-time, with an extra 40% working in a hybrid system. JPMorgan is reportedly monitoring ID card swipes as a way to guarantee compliance with the brand new coverage and monitoring the time workers spend on Zoom and e mail as a way to higher measure productiveness. 

On Tuesday, Dimon rolled out a brand new argument in his battle towards working from home: that it damages the U.S. drive for range.

Dimon referred to as the workplace a “rainbow room” and stated that staff who stayed home had been denying themselves “opportunities to meet other people.” The JPMorgan CEO argued that “if you live in certain parts of our country and go eat out there, it is all white,” which means distant staff could find yourself having a extra uniform expertise than in the event that they traveled into work.

Studies report that minorities, particularly Black and Hispanic staff, are teleworking at decrease charges than White staff. One April research from the U.S. Centers for Disease Control and Prevention discovered that 19% of Black and 14% of Hispanic staff engaged in telework, in comparison with 24% of White staff and 38% of Asian staff. The CDC research argues that the distinction stemmed from decrease charges of faculty schooling amongst minority populations, as nicely as overrepresentation of Black and Hispanic staff in jobs that don’t enable for distant work.

A survey from the Society for Human Resource Management final September reported that half of Black workplace staff wished to work from home, in comparison with 39% of White staff and 29% of Hispanic staff.

CEOs, actual property builders, and even metropolis mayors have referred to as for staff to return to the workplace. Developer Stephen Ross predicted in June {that a} recession would possibly make “people fear that they might not have a job [and] that will bring people back to the office.” But staff wish to keep home. The Slack-funded Future Forum present in July that just one in 5 information staff wished to return to the workplace, a document low.

Nationally, workplace occupancy charges are hovering round 43%, in accordance with Kastle Systems, a safety firm. 

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