JP Morgan Elites Wanted Traders To Come Back Into Office: Now Covid-19 Outbreak Is Wreaking Havoc

JP Morgan Elites Wanted Traders To Come Back Into Office: Now Covid-19 Outbreak Is Wreaking Havoc

JP Morgan
JP Morgan elites wanted traders to come back into the office. Now covid-19 is in the office. Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co ERIC PIERMONT/AFP/GETTY IMAGES

No sooner had JP Morgan ordered workers back to the office after months of working from home, than the largest bank in the U.S. had to send some people home again when a worker tested positive for covid-19.

A worker on the fifth floor of the company’s 383 Madison Avenue building was infected, Bloomberg News reported. The workers was in the bank’s equities trading and sales division.

The 47-story skyscraper at 383 Madison Avenue has 1.2 million square feet of office space in one of the hardest-hit cities of the pandemic.

The human toll and economic damage in New York has been far worse than elsewhere in the country in many cases, New York Times reported.

Once-packed city sidewalks are almost empty, former office workers are working from home and many wealthy residents have left for second homes.

Company CEO Jamie Dimon has been working in the office since June, The Real Deal reported. Other JPMorgan employees have been trickling back to the workplace since Labor Day.

Some employees in the sales and trading divisions were told to prepare to return to the Madison Avenue building by Sept. 21.

JPMorgan’s efforts to get traders back in the office won praise from President Trump, who tweeted on Friday, “Congratulations to JPMorgan Chase for ordering everyone BACK TO OFFICE on September 21st. Will always be better than working from home!”

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In an interview with analysts on Friday, Dimon cited a study showing that workers were less productive at home, especially on Mondays and Fridays, New York Post reported. He told analysts at Keefe, Bruyette & Woods he is worried about how prolonged working from home will affect the development of junior staff.

Wall Street cautiously followed Dimon’s lead in “return to office” plans. Goldman Sachs told employees on Sept. 9 that it will begin to reopen its offices on a rotational basis.

“Dimon is more worried about his real estate billionaire friends who own office buildings in NYC as they may start losing out if wfh becomes the norm going forward,” SN@sushil75 tweeted.