Bank of America sends ‘letters of education’ demanding workers return to office
Bank of America (BofA) has sent “letters of education” to employees threatening disciplinary action if they do not come into the office, joining its Wall Street peers in pushing back against remote work trends.
One letter posted online by an employee of the US investment bank accused them of failing to “follow the minimum expectation regarding your work location set by the Workplace Excellence Guidelines despite requests and reminders to do so”.
The letter added: “Failure to follow the workplace excellence expectations applicable to your role within two weeks of the date of this notification may result in further disciplinary action.”
The Financial Times, which first reported the news, said BofA has been sending similar letters since last Autumn.
City PM understands BofA’s return-to-the-office measures are primarily for US employees due to the company’s large retail business there.
BofA is joining fellow banking giants like Goldman Sachs and Citigroup in calling large numbers of employees back to the office after the COVID-19 pandemic shook up workplace trends.
JP Morgan reportedly received pushback from senior bankers when it asked them to start coming into the office five days a week last April, warning of “corrective action” for noncompliance.
Workforce consultant Scoop has found more than three quarters (82 per cent) of major financial companies were keeping hybrid work arrangements for most employees as of the end of last year.
Goldman Sachs has reported that its in-office attendance is back to pre-pandemic levels between Monday and Thursday.
BofA declined to comment when approached by City PM