One of the world's largest investment banks, JP Morgan, has decided to embrace remote working on a permanent basis, in a move that could send ripples through the business world.
Once the Covid-19 pandemic is over, the company's 60,000 employees will not be required to return to the office full time. Instead, they will be given the chance to cycle between working from home and working from the office in a way that suits them best.
The news was confirmed by Co-President and Chief Operating Officer, Daniel Pinto, in a recent video call with CNBC.
“We are going to start implementing the model that I believe will be more or less permanent, which is this rotational model,” Pinto said. “Depending on the type of business, you may be working one week a month from home, or two days a week from home, or two weeks a month.”
According to the Telegraph, other companies could soon follow suit, not wanting to be left behind the curve. This could result in many office spaces in traditional professional districts - such as Canary Wharf or the City - being abandoned.
Excess office space could also become a thing of the past - and JP Morgan's backup office in Basingstoke could be the first to close.
“We have all these empty buildings that are recovery sites. You don’t really need the bulk of those, because if people can work from home very effectively, you don’t need to have recovery sites,“ said Pinto.