JPMorgan Chase & Co will not pay for junior sales and trading staff to take an Uber to work, reversing actions the bank took after the COVID-19 pandemic to help staff feel comfortable about commuting to work.
The change was communicated by managers last week, citing people with knowledge of the matter, who asked not to be identified discussing an internal policy.
JPMorgan had started reimbursing employees for Uber and taxi rides to work for traders below the managing director level right after the pandemic started, according to the report, which added the recent change is causing anxiety among junior staff who are uncomfortable taking public transport
The bank’s executives had previously told managing directors and some executive directors within its sales and trading operation that they must return to the office by Sept. 21.
JPMorgan sent some of its Manhattan workers home this week after an employee in equities trading tested positive for COVID-19.