Washington, D.C. – American Conservative Values ETF (ACVF) Wednesday urged JP Morgan Chase CEO Jaime Dimon to reconsider his threats to fire any unvaccinated employees who work at the company’s New York City offices over the obvious financial consequences such a move would create.
In what’s become the latest salvo in the battle over vaccine mandates, Dimon told Reuters earlier this week that unvaccinated employees at the company’s nine New York offices risk losing their jobs. It’s a hard shift from JP Morgan’s position a month ago where the unvaccinated staff was simply asked to work from home for the time being. And despite the fact numerous businesses across America have adopted hybrid or fully remote work models, Dimon has said that adopting such a model is something he doesn’t have to answer “right away.”
“This makes little sense from a business standpoint and can only be detrimental to JP Morgan’s productivity. It also seems unwise given the tight market,” ACVF cofounder Tom Carter said.
“It would be one thing if Mr. Dimon were doing this because he thinks it would improve his company’s bottom line, but he’s said nothing to that effect. Typically, mass firings are justified on the basis that they increase profitability, but I’ve heard nothing to suggest that this is a dollars and cents decision. The only thing this will do is alienate hundreds of hard-working, specialized employees and cut out a chunk of JP Morgan’s New York City workforce,” co-founder Bill Flaig added.
“How exactly this benefits a company that could easily adopt a hybrid work policy, as many others have, is beyond me. All I can see coming from this is JP Morgan losing hundreds of qualified workers who no doubt vastly contribute to the success of the company, especially the offices located in New York’s financial hub. Having enough employees to do the necessary work that makes business money is basic common sense in any industry, but as this decision seems politically motivated it’s unlikely that profitability impact was considered. Reneging on this threat would be the best option for Mr. Dimon, but I doubt the practical course of action is on his mind.”