JPMorgan brings back 50% of its bankers to its London and New York offices

JPMorgan last week told its most senior sales and trading staff they would be required to return to their offices by September 21. Reuters

JPMorgan Chase is doubling the proportion of investment bankers coming in to its New York and London offices as Wall Street companies inch back towards normal work arrangements.

The US bank requested that 50 per cent of its dealmakers be in the office on a given workday, up from 25 per cent previously, according to a source familiar with the matter. Bankers will work from home or the office on alternating weeks, it said.

The increased presence starts on Monday in London and on Tuesday in New York. More than half the sales and trading staff are already coming into the London office, the source said. The details were earlier reported by Financial News.

Other banks are also starting to lay out plans for their workforces.

Citigroup’s Europe markets chief Leonardo Arduini hosted an online town hall with staff last week where he outlined plans for more workers to return to its Canary Wharf premises, especially in sales and trading, from September 7, according to people familiar with the matter. It currently has about 20 per cent of markets staff occupying its London office, one of the people said.

JPMorgan and Citigroup declined to comment.