JPMorgan Chase is likely to shrink its offices in the investment banking segment as it may allow staff to work from home (WFH) even after Covid-19 ends, Financial News reported.
JPMorgan corporate and investment bank head Daniel Pinto said he could see a situation wherein its staff could work from home on a rotational basis.
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The move is in line with the bank’s sustainability targets and to cut down square footage of its office space, reported Financial News, which has seen a note.
In an event of the successful implementation of the work from home model, Pinto added that the bank would need new approaches to measure the productivity of its employees.
Currently, 90% of its investment banking staff is working from home compared to 75% of employees across the firm in the wake of the Covid-19 pandemic.
As more clients are working from home due to Covid-19 crisis, there is a shift from ‘high-touch’ trading to low-touch electronic trading.
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By GlobalDataThe bank believes that the Covid-19 pandemic could permanently change the way banks do their business.
Last month, Barclays CEO Jes Staley told reporters that “there will be a long-term adjustment in how we think about our location strategy.
“The notion of putting 7,000 people in a building may be a thing of the past.”
