JPMorgan to send most workers home in latest UK lockdown

London

JPMORGAN Chase & Co joined rivals in asking the vast majority of its employees in England to work from home following government rules to stop a surge in coronavirus infections.

The Wall Street bank told staff in a memo on Tuesday that most workers will be required to work from home until further notice from Thursday, when a month-long nationwide lockdown begins.

The new measures mean that about 5 per cent of workers will be in the office, including around 20 per cent of JPMorgan's traders. The bank had as many as 30 per cent of staff return to its London offices in recent months, although this was pared back to around a fifth after UK Prime Minister Boris Johnson's government urged more people to work at home in September.

"We have decided to reduce the number of people in our locations across England to essential workers only, in some cases working on rotation between the office and home," the memo said.

Each business will determine who is required to be in the office, and employees who are permitted to come in will be issued with a letter that they can show to officials when commuting. The bank has about 19,000 workers in the UK, including 12,000 in London.

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The bank also reminded staff who will not be in the office to only work from their primary home address in the UK, said the memo. That would preclude bankers seeking to avoid the British winter by shifting to vacation homes in sunnier locations.

The substantial reduction in office numbers follows similar moves from Goldman Sachs Group and Deutsche Bank AG, with banks across the City of London set to leave the financial district resembling the ghost town created during the March lockdown.

Wall Street banks have argued that office working preserves company culture and boosts productivity. JPMorgan and other banks had already paused efforts to bring staff back to their London bases in September, when the UK government urged people to work from home if possible.

The UK's second national lockdown will shutter most shops, pubs and restaurants, but schools and offices are allowed to remain open. The new measures will apply for four weeks until Dec 2. BLOOMBERG