Jamie Dimon to work-from-homers: You win

In blow to office landlords, JPMorgan Chase CEO gives in to remote work

JPMorgan Chase CEO Jamie Dimon and a rendering of 270 Park Avenue (Getty, ATCHAIN)
JPMorgan Chase CEO Jamie Dimon and a rendering of 270 Park Avenue (Getty, ATCHAIN)

“People don’t like commuting, but so what?” JPMorgan Chase CEO Jamie Dimon said a year ago.

Since then, leverage has shifted to workers as it became clear they would ditch any employer that chains them to their desks five days a week.

In turn, Dimon has softened his stance, recognizing the staying power of remote work.

“It’s clear that working from home will become more permanent in American business,” Dimon acknowledged in his annual shareholder letter Monday. He then revealed how that trend will affect the real estate of his firm, the city’s largest commercial tenant.

The company expects to have about half of its employees work in-person full-time. That includes retail bank branch workers, security and facility workers, and others whose jobs cannot be done remotely.

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Meanwhile, approximately 40 percent will be able to embrace a hybrid work model, coming into the office a few days a week. The remaining 10 percent of employees will be able to work from home full-time.

Changes are also coming to the layout of JPMorgan offices. Dimon said the company would embrace “open seating” across its real estate, predicting it would need between 60 and 75 seats for every 100 employees by utilizing more conference rooms and utility space.

Still, Dimon said the company is “moving full steam ahead with building our new headquarters.” He expects the tower, at 270 Park Avenue, to house between 12,000 and 14,000 people.

Last year, Business Insider reported the bank was pursuing a “universal design” for the tower, allowing for flexible configurations of space. The building is planned for 2.5 million square feet between Park and Madison avenues and East 47th and East 48th streets.

The consolidation of JPMorgan workers in the new building, in combination with the hybrid office plan, means the company will be leasing a lot less space at other buildings in Manhattan.

Last year, the company cut its commercial footprint in the city by 400,000 square feet, a year after downsizing by 300,000.

The bank rents 8.7 million square feet in the city, but is still looking to shed. It has been looking to sublease 700,000 square feet at 4 New York Plaza in the Financial District. It also seeks a subtenant for 100,000 square feet at its Hudson Yards office, 5 Manhattan West, Bloomberg previously reported.

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