During a town hall in Columbus on Feb. 12, JPMorgan Chase analyst Nicolas Welch nearly faced dismissal after questioning CEO Jamie Dimon over the bank’s new return-to-office directive. Welch contended that a flexible work model better suited his global team, prompting quick management action that preserved his position.
After openly criticizing JPMorgan Chase CEO Jamie Dimon about the bank’s return-to-office (RTO) policy during a town hall meeting on February 12, an employee was briefly dismissed. The employee’s dismissal was later reversed after intervention from upper management, as reported by Fortune. His name is Nicolas Welch.
Welch, a tech operations analyst who has been with JPMorgan Chase since 2017, is one of 317,000 workers who will be impacted by the bank’s new requirement to return to work five days a week beginning next month.
Forty percent of employees have had the option to work remotely two days a week up until this point. When asked by Dimon whether managers should have control over their teams’ in-office duties, Welch—who is going through a divorce and highlighted childcare and family responsibilities—posed the topic.
Welch began his presentation in the Columbus, Ohio town hall by praising Dimon’s leadership. He elaborated by saying that the fact that his seven-person team works across many time zones and nations renders the concept of a physical office location moot. Then he said that managers should be free to decide for themselves whether or not employees should be required to be present in the workplace all day.
Although his colleagues applauded his comments, Dimon flat-out rejected the notion.
“There is no chance that I would leave that up to managers. Zero chance. The abuse that took place was extraordinary,” Dimon said, bringing up the inefficiencies he thought were caused by distance work.
He went on to say that the bank’s staff had increased by 50,000 in the previous few years and scolded workers for squandering time on Zoom meetings. Dimon further disregarded an employee petition requesting that the bank reevaluate the rule, stating, “I don’t care how many people sign that f—ing petition.”
Welch was summoned to his desk without delay by Vice President Garrett Monaghan of JPMorgan Chase’s Technology Employee Support Services (TESS) division, who sent him an urgent text message shortly after the town hall. The moment Welch showed up at the meeting, he was met with resistance from Monaghan and another CEO named Jeffrey Todd Merrill.
Welch claims that Monaghan informed him he had tarnished their entire organization’s reputation and instructed him to pack up his desk and go. In accordance, Welch gathered his possessions and left the premises.
Welch was convinced for a long time that he had been let go. Richard Cundiff, his direct boss, did not respond quickly when he contacted him for explanation. To reassure Welch that he was still employed, JPMorgan Chase’s Megan Mead—the executive director of worldwide IT support—contacted him at 4:30 p.m. The fact that she had “smoothed things over” with Monaghan, she told him.
Monaghan texted Welch later that night to offer an apology, a beer, and a handshake in response to the event.
Welch was never officially fired, according to JPMorgan Chase’s subsequent clarification. He did not say anything inappropriate at the town hall, according to a corporate representative who talked with Fortune. Similarly, Cundiff, Welch’s employer, denied firing him but would not elaborate.
Welch is still upset about the RTO mandate’s impact on the workplace and the ordeal, even if he kept his job. “I want to do the job that I love in the way that I want to do it. That’s what I hope to get out of all this,” he explained to Fortune.
Per The Hindustan Times, some workers have praised Welch for speaking out after the event prompted conversations between themselves. His colleagues at JPMorgan Chase have gone so far as to call him the “Voice of America.”
This dispute exemplifies the rising tide of discontent with return-to-office practices at large companies, where workers are resisting strict orders in favor of more adaptable schedules.
Luis Gochoco is a seasoned managing editor and writer with over a decade of experience covering politics, technology, gaming, and entertainment news. With a keen eye for breaking stories and in-depth analysis, he has established himself as a trusted voice in digital journalism. Luis is one of the key forces behind the success of GameNGuide, contributing to 12 million views through engaging and high-traffic content. He also played a pivotal role in generating 8 million views on International Business Times, shaping the platform’s technology and gaming coverage.
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