Busi­ness as usual for JP Mor­gan as it tells staff to re­main in of­fice

Wall Street bank takes dif­fer­ent tack to many City ri­vals as it lets teams de­cide-work­ing guid­ance

The Daily Telegraph - Business - - Business - By Michael O’Dwyer

JP MOR­GAN has told staff who have re­turned to the of­fice to keep com­ing in, de­spite a new Govern­ment call to work from home.

In a memo sent to its 19,000 UK work­ers late on Wed­nes­day night, the Wall Street bank said that fol­low­ing new govern­ment guid­ance to help pre­vent the spread of Covid-19, it would halt plans to bring more peo­ple back to the of­fice but did not say it would be send­ing peo­ple home.

Staff were told: “What­ever your es­tab­lished work­ing pat­tern, you should con­tinue to fol­low the di­rec­tion you have been given by your man­age­ment team and lis­ten out for any po­ten­tial changes.”

The note sug­gests it is tak­ing a dif­fer­ent tack to many City ri­vals, which have told work­ers to be more cau­tious fol­low­ing ad­vice that of­fice staff should work from home if they can.

Rather than or­der­ing all staff who can work from home to re­turn to their liv­ing rooms, the bank has al­lowed each team in the busi­ness to as­sess its needs in­di­vid­u­ally, “tak­ing into ac­count govern­ment guid­ance”.

It is un­der­stood that team man­agers will tell staff of any changes to work­ing ar­range­ments in com­ing days.

The bank, which em­ploys about 12,000 peo­ple in Lon­don and also has of­fices in Bournemout­h, has been bring­ing work­ers back to the of­fice in a three tier sys­tem.

Em­ploy­ees in tier one – such as traders – can do their jobs more ef­fec­tively in the of­fice and re­turned first.

The ma­jor­ity of work­ers are still at home, but some back of­fice staff who were part of the third low­est pri­or­ity group, have be­gun to spend some time in the of­fice on a ro­ta­tional

‘What­ever your es­tab­lished work­ing pat­tern, you should con­tinue to fol­low the di­rec­tion given’

ba­sis. JP Mor­gan’s guid­ance sug­gests that at least some of those em­ploy­ees could con­tinue to spend part of their week in the of­fice de­spite the Prime Min­is­ter’s plea for of­fice work­ers to stay home if pos­si­ble.

The bank has placed more than 31,000 stick­ers around its of­fices to di­rect staff and en­sure so­cial dis­tanc­ing rules are ob­served. Its of­fices will re­main open “on an ad hoc ba­sis” to staff who are work­ing from home full time if they need to come in.

Ex­tra clean­ing and tem­per­a­ture checks will re­main in place to pro­tect those who do come to work and staff should raise any con­cerns with their man­ager, the memo said.

JP Mor­gan de­clined to com­ment. While many City firms such as PwC and HSBC have halted drives to bring peo­ple back, oth­ers have taken a more flex­i­ble ap­proach.

Cit­i­group told Lon­don work­ers to “ex­er­cise their judg­ment” on whether they need to come to the of­fice.

Lloyd’s of Lon­don, the in­sur­ance mar­ket, sent its own staff home but is keep­ing its un­der­writ­ing room open so that in­sur­ers and bro­kers can ne­go­ti­ate face to face. The mar­ket moved en­tirely on­line dur­ing lock­down.

Google, mean­while, has re­vealed that most of its staff would like to re­turn to the of­fice on some days af­ter Covid. One fifth of the Sil­i­con Val­ley gi­ant’s staff said that they did not need to be in the of­fice at all in a sur­vey in May, but by July, this num­ber had halved to 10pc, with 62pc of work­ers say­ing they needed to be in the of­fice some days to do their work well.

Its chief ex­ec­u­tive – Sun­dar Pichai, named as one of Time’s 100 most in­flu­en­tial peo­ple, told the mag­a­zine that he saw the fu­ture as be­ing more flex­i­ble.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.