Is JPMorgan Losing Its People Over Desks and Deadlines? Internal Survey Says… Maybe

JPMorgan Chase (JPM) might be the biggest bank in America, but it’s finding out the hard way that cultural capital is harder to manage than financial capital. An internal memo just revealed that employee morale has slipped—specifically in areas like well-being, flexibility, and career mobility—since the company mandated full-time office returns in March.

CEO Jamie Dimon and HR chief Robin Leopold acknowledged the hit, attributing it partly to “the adjustment” of returning to desks. But they’re standing firm on the policy: in-person work is how, they say, the firm does its “best work” and builds “mobility opportunities.”

The policy has been met with widespread pushback from staff—online and off. For a workforce that adapted to hybrid life during COVID, the sudden shift back to a five-day grind is more than just a schedule change. It’s a culture shock.

Work-Life Balance Isn’t Balancing

Around 284,000 employees took the survey—90% of the firm. And while participation stayed high, sentiment didn’t. Among the lowest-rated categories were: internal mobility, work-life balance, and health and well-being. That’s a red flag for any organization, but especially one in a hyper-competitive industry trying to retain top-tier talent.

Dimon says the firm is working on a more transparent model for career development and promotions. But vague promises may not be enough. With attrition and quiet quitting reportedly already anticipated back in January, the writing may have been on the whiteboard from day one.

JPMorgan vs. Citigroup vs. Goldman

This isn’t just a JPMorgan story. It’s part of a broader workplace identity crisis across Wall Street.

Goldman Sachs (GS) has been all-in on five days in the office since 2023, but that’s Goldman — notoriously hardcore. Citi’s (C) taking a more relaxed approach: most employees get two days remote per week, and this August they’ll get two full weeks of remote work, just in time for Wall Street’s slowest season.

JPMorgan’s position is somewhere between those two poles—but now it’s paying the price in team cohesion, satisfaction, and maybe even retention.

Is Culture Just Code for Control?

There’s a deeper question here. What’s actually being protected by five-day mandates? Culture, yes—but whose culture? The banking model used to depend on “face time,” mentorship by osmosis, and hallway conversations. But that system worked best for the people already winning.

Today’s workers are asking for more than good vibes and fluorescent lighting. They want flexibility and growth. And the survey shows that’s where the gap is widening.

The Cost of Culture May Be Talent

JPMorgan says it’s listening. The survey results were candid, the memo was transparent, and executives pledged action. But for a workforce that feels less supported now than a year ago, pledges won’t do much without tangible change.

And while the bank’s financials are rock solid, its human capital might be more fragile than it thinks.

Is JPMorgan a Good Stock to Buy?

According to TipRanks, JPMorgan Chase (JPM) carries a Moderate Buy consensus rating from 21 Wall Street analysts. Out of those, 14 rate the stock a Buy and seven call it a Hold. There are zero Sell ratings.

The average 12-month JPM price target is $279.40, representing a 4% upside from the latest close at $268.60. The highest target sits at $330, while the lowest forecast comes in at $235.

See more JPM analyst ratings