JPMorgan Chase To Use Rotational Model To Bring Workers Back To The Office

JPMorgan Chase (JPM) said Tuesday that workers will return to offices on a rotational schedule.

The banking giant will use a hybrid model that rotates workers between their home and the office, Daniel Pinto, head of the company’s corporate and investment bank division and co-president, announced to CNBC in a Zoom call from London.

“We are going to start implementing the model that I believe will be more or less permanent, which is this rotational model. Depending on the type of business, you may be working one week a month from home, or two days a week from home, or two weeks a month," Pinto said.

The move is a departure in protocol compared to other investment banks, which had planned to bring back workers in September after remote work since March due to the pandemic.

With fierce competition between banking firms for top employees, offering flexibility during the pandemic is a perk that many workers are looking for, CNBC noted. With employees working remotely during the pandemic, it proved to many employers that the work-from-home model could be successful.

By rotating workers, JPMorgan is able to maintain social distancing requirements in the office, which is being practiced in New York with a 10% capacity while trading businesses are operating at a 30% capacity, Pinto told CNBC.

In May, Pinto told Bloomberg that he could “envision” a rotational system for workers, which he later was convinced if another surge in coronavirus cases required a quick shift to remote work. He also said it makes sense for sustainability as it puts less strain on public transportation in larger cities.

Shares of JPMorgan Chase were trading at $100.68 as of 2:12 p.m. ET, up $0.63, or 0.62%.