Thousands of HSBC, JP Morgan employees to work from home permanently

Thousands of HSBC, JP Morgan employees to work from home permanently

by Pranali Mehta

Prominent investment banks HSBC and JP Morgan are expected to implement permanent remote working for thousands of their employees, indicating that some of the changes made during the pandemic could be continued further.

Speaking on the matter, Jamie Dimon, chief executive at JP Morgan stated that 10% of the investment bank’s 255,000 staff may work from home full-time and the remaining staff will continue to work from home for some time.

Dimon further stated that the construction of JP Morgan’s new headquarter in New York will continue, which will help the bank consolidate more employees there. The overall changes, however, would reduce the bank’s need for real estate significantly. It will incorporate more digital tools for the employees to book conference rooms and office seats. For every 100 employees, it could require seats for only 60 on an average, Dimon added.

Meanwhile, the UK government is reportedly planning to remove all the rules pertaining to social distancing after 21 June. This move is expected to allow workers to return to offices.

According to the credible sources, HSBC’s staff representatives at its UK call center are in talks with the bank concerning around 1,200 employees opting for permanent remote working.

The bank has not yet finalized the number of employees who will be working from home. However, sources have confirmed that around 70% of its 1,800 call-center staff have volunteered to permanently work from home

According to Victoria Short, chief executive at Randstad UK, a renowned recruitment company, cost-cutting will be a major motivating factor for several companies to move their staff to permanent homeworking. However, flexible working patterns will be presented more as perks for retaining the staff. Having this flexibility will allow companies to strongly compete in the war for talent, Short added.

Reportedly, several employers, especially professional services firms, have already revealed their intention to implement hybrid work patterns and providing the staff with access to offices when required while also allowing them to work remotely.

Source credits:

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writRead more...