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As offices go, JPMorgan’s shiny new $3billion skyscraper HQ has it all – a food court with 19 restaurants, new-age sensory tech including a “signature scent,” and even an Irish Pub.
But some employees aren’t best pleased about plans for the building’s “cutting-edge Fitness Center.”
Rather than being rolled out as a free company perk, their employer will instead require them to shell out a monthly membership fee.
The banking giant’s push to bring all staff back to the office five days a week has been well documented over the past year, with CEO Jamie Dimon an outspoken critic of remote work.
Unrest over JPMorgan’s gym ‘perk’ costs
In a memo sent to staff earlier this week, bank bosses laid out plans for the fitness center.
The gym, they said, will offer “access to cardio, strength and recovery equipment, locker rooms, daily group exercise classes, a nutrition consultation and sessions with a Well-being Performance Coach.”
The notice warned that employees would have to pay a monthly membership fee to access the facilities, but didn’t reveal any details on proposed costs. “More information will be available in the coming weeks,” it said.
In a JPMorgan forum on Reddit, some users criticized the decision. “It's truly a perk to be gifted the opportunity to spend money,” one individual posted.
“I feel like going to equinox in the gray bar building or at E. 43rd St. is much better anyway,” another user said.
“I never understand moves like this,” a third account added. “Is the obnoxiousness and blow to morale worth the money saved?”
Others were more understanding. “Not trying to defend JPMC here but could you imagine a gym that’s free to 14,000+ people?” one user suggested. “Sounds like an absolute nightmare.”
A further response claimed that JPMorgan’s office in London also has a facility, which is “much cheaper than any surrounding gym in the area,” while one commenter suggested a similar fitness center being installed in the bank’s Chicago office will also carry membership fees.
A spokesperson for JPMorgan rejected one individual’s assertion that staff were “told it was free” earlier in July.
“We never shared details on how it would operate since everything is still being finalized,” the spokesperson said.
JPMorgan CEO Dimon defiant on anti-remote stance
With the Wall Street giant going hell for leather on its infamous return-to-office (RTO) mandate, the new headquarters has been touted as a key step for easing the transition pains for remote staff returning to in-person work.
Office capacity has been a core issue during the return. According to Fortune, a ‘first-come, first-served’ system in place at several major offices left staff battling for room to work.
“There definitely aren’t enough desks for everyone, so people have to hope others are taking PTO that day to get a seat,” one JPMorgan employee said in March.
But CEO Jamie Dimon has argued that in-person interaction is essential for collaboration, mentoring, and honest feedback.
“It's hard to manage people remotely,” he said at the Databricks Data & AI Summit in June. “Much easier to have real honest conversations if I'm sitting in front of you.”
The chief exec has pushed back against workers who have resisted the shift away from remote work, including a group of 1,300 employees who signed a petition protesting the RTO order.
“The abuse [of work-from-home] was extraordinary,” Dimon said, reminding employees unhappy with his stance that they have a choice about working for the firm.
After being announced in 2022, JPMorgan’s HQ has been designed with state-of-the-art features to make in-person work as successful as possible for employees.
Lighting in the building grows brighter or dimmer, mirroring an employee’s circadian rhythm. Staff can also log their preferences for temperature and coffee choices when booking a conference room, and the $3bn office features a vast collection of corporate art, including pieces gifted by former chairman David Rockefeller.
