JPMorgan CEO Jamie Dimon rips remote work and Zoom as ‘management by Hollywood Squares’ and says returning to the office will aid diversity

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

Dimon argued on the Tuesday name that remote work creates a working atmosphere that’s much less trustworthy and extra susceptible to procrastination. “A lot of people at home are texting each other, sometimes saying what a jerk that person is,” mentioned Dimon. (His Hollywood Square remark referred to the decades-old sport present—that is now not in manufacturing—during which 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 staff on the return to the office heats up and a potential financial slowdown threatens to erode staff’ leverage to keep house.

In the previous, Dimon has mentioned that work-from-home is a poor match for JPMorgan’s staff. Last yr, he argued that remote 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 released earlier this year, the bank said that it expected half its employees to return to the office full-time, with an additional 40% working in a hybrid system. JPMorgan is reportedly tracking ID card swipes in order to ensure compliance with the new policy and monitoring the time employees spend on Zoom and email in order to better measure productivity.

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

Dimon called the office a “rainbow room” and mentioned that staff who stayed house have been denying themselves “alternatives to meet different folks.” The JPMorgan CEO argued that “if you happen to dwell in sure elements of our nation and go eat on the market, it’s all white,” meaning remote workers may end up having a more uniform experience than if they traveled into work.

Studies report that minorities, especially Black and Hispanic workers, are teleworking at lower rates than White workers. One April study from the U.S. Centers for Disease Control and Prevention found that 19% of Black and 14% of Hispanic workers engaged in telework, compared to 24% of White workers and 38% of Asian workers. The CDC study argues that the difference stemmed from lower rates of college education among minority populations, as well as overrepresentation of Black and Hispanic workers in jobs that don’t allow for remote work.

A survey from the Society for Human Resource Management last September reported that half of Black office workers wanted to work from home, compared to 39% of White workers and 29% of Hispanic workers.

CEOs, real estate developers, and even city mayors have called for workers to return to the office. Developer Stephen Ross predicted in June that a recession might make “folks worry that they won’t have a job [and] that will convey folks again to the office.” But staff need to keep house. The Slack-funded Future Forum present in July that just one in 5 data staff wished to return to the office, a file low.

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

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