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Bank of America has begun issuing warning notices to employees who fail to comply with its in-office work requirements, signaling a tougher stance on remote working.
It has sent "letters of education" to staff members not meeting its "workplace excellence guidelines", giving them a fortnight to adhere to the policy, according to reports from the Financial Times and Business Insider.
The bank instituted a three-day office attendance policy for most employees in October 2022, with some client-facing roles such as investment banking and sales required to be present five days a week.
This move aligns with similar mandates from other financial giants like JPMorgan and Goldman Sachs, particularly for senior executives, marking a significant shift from pandemic-era practices.
Goldman Sachs data indicates that about 25% of workers are now remote for at least part of the week, down from a peak of 47% during the height of COVID-19 restrictions. Pre-pandemic, only 3% of workers had such arrangements.
Despite the trend, a recent survey found that only six out of 158 American CEOs prioritize full-time office returns this year, with many firms opting for hybrid models.
Concurrently, the bank has announced plans to create new jobs by opening 165 new branches by 2026, reimagining them as financial advice centers rather than traditional banking outlets.
This strategy is mirrored by competitors, with JPMorgan Chase planning 500 new locations by 2027 and PNC Financial Services Group aiming to open 100 new branches while renovating over 1,000 existing ones.
Industry sources suggest this expansion is driven by banks viewing branches as opportunities to attract wealth management and small-business customers without resorting to acquisitions.
The dual focus on in-office work and branch expansion reflects the banking sector's evolving approach to customer service and employee management in the post-pandemic landscape.
