JPMorgan says office renovations are coming to accommodate the bank's ballooning workforce

""If you think about what's happened to the head count of the company over, say, the last five or six years, it's grown a lot," Jeremy Barnum, the firm's chief financial officer, told shareholders during the bank's Tuesday earnings call. "There was the whole return to the office, hot desking, remote work, all the stuff," he added. "The amount of real estate square footage over that period grew a lot more slowly than headcount.""

""We've realized that it's obviously the case that we need to provide employees a reasonable in-office experience and that, in some cases, means a little bit of de-densification and catching up on some space renovations around the world," Barnum continued. On the call, CEO Jamie Dimon chimed in. "Don't scare them," he told Barnum, presumably about alarming analysts about rising spending. "Real estate," Dimon said, "is very small numbers.""

"JPMorgan experienced flashpoints over real estate and desk space last year. The firm called its more than 300,000-person workforce back to the office five days a week. Now it will upgrade some of its offices to accommodate the deluge, says its chief financial officer. The firm has already opened a new state-of-the-art headquarters at 270 Park Avenue in Manhattan - a cutting-edge skyscraper featuring a bevy of restaurants, a luxurious fitness center, and tech that even remembers how you like the temp"

JPMorgan called its roughly 320,000-person global workforce back to the office five days a week after a period of remote and hybrid work. Headcount grew substantially over the last five or six years while real estate square footage grew more slowly, creating desk shortages and parking tensions at some sites. The firm plans targeted office upgrades, de-densification, and space renovations to provide a reasonable in-office experience. CFO Jeremy Barnum emphasized the need to catch up on space renovations globally. CEO Jamie Dimon characterized real estate spending as small. The firm opened a new headquarters at 270 Park Avenue with extensive amenities.

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