Donald Trump praises JPMorgan Chase for asking senior managers to go back to the office and says it will ‘always be better than working from home’
- Trump on Friday praised bank’s plan to bring senior managers back to office
- JPMorgan Chase told traders of the plan on Wednesday in a conference call
- Sales and trading managers must return to the Manhattan headquarters
- The order does not apply to all trading staff as the WSJ originally reported
- Only 26% of Manhattan employers expect office workers to return this year
President Donald Trump has praised JPMorgan Chase & Co for a plan to bring some senior managers back to its offices on September 21.
‘Congratulations to JPMorgan Chase for ordering everyone BACK TO OFFICE on September 21st. Will always be better than working from home!’ Trump said in a tweet on Friday.
A source familiar with the matter told DailyMail.com on Thursday that JPMorgan’s plan to bring sales and trading employees back to the office in late September was only directed at senior managers, contradicting earlier reports that all workers in those departments would be returning.
Trading chief Troy Rohrbaugh and Marc Badrichani, the bank’s global head of sales and research, delivered the message in conference calls with senior managers on Wednesday morning, the Wall Street Journal reported, citing people familiar with the matter.
President Donald Trump has praised JPMorgan Chase & Co for a plan to bring some senior managers back to its offices on September 21
JPMorgan Chase & Co executives have reportedly told senior employees of the bank’s sales and trading operation that they and their teams must return to HQ (above in a file photo)
Employees with child-care issues and medical conditions that make them more vulnerable to coronavirus complications can continue working from home, according to the report.
A spokesperson for JPMorgan declined to comment when reached by DailyMail.com.
A source familiar with the matter told DailyMail.com that the bank believes working in the office strengthens culture, creates a more cohesive working environment and is important for training.
The person said that the September 21 deadline only applied to senior managers on the sales and trading teams, and not all employees as the Journal report initially claimed.
When the pandemic struck New York with force in mid-March, many employers were forced to hastily implement remote-working policies, with little time to plan ahead.
JP Morgan’s trading floor is seen above in a file photo. When the pandemic struck New York with force in mid-March, many employers were forced to hastily implement remote-working
The empty streets of lower Manhattan are seen on Thursday. Only 26 percent of employers said they expected office workers to return by the end of the year
Bosses of trading floors in particular feared that the move would damage business, with the lost of the boisterous camaraderie and high-tech work stations in the move to working from home.
Yet the fears of many bank executives have not come to pass, with investment banking and trading revenue hitting an eight-year high in the first half of 2020, according to data from industry research group Coalition cited by the Journal.
With its move to bring traders back to the office on the cusp of flu season, when the incidence of most respiratory viruses explodes, JPMorgan is making a risky gamble that it can safely resume office operations with the pandemic far from over.
Although New York City over the summer has seen the positive test rate for COVID-19 drop below 1 percent, most other Manhattan employers are being far more cautious.
People are seen on the outdoor square in Hudson Yards in New York City on Wednesday
As of last month, fewer than 10 percent of Manhattan’s one million office workers had returned to working on-site, according to a survey from the Partnership for New York.
Only 26 percent of employers said they expected office workers to return by the end of the year, and a total of 54 percent expected to return by July 2021.
Nearly a third of employers said they didn’t yet know their plans for returning employees to the office.
Tech employers expect 74 percent of employees to return to the office by July 2021, while finance and insurance employers expect 55 percent and consulting firms expect 50 percent.
Accounting, media and hospitality employers all expect to be back in the offices by July at much lower rates.