Bank of America Corp. recently sent out “letter of education” messages to employees who have chosen to work from home, as the company takes a stronger stance on its return-to-office mandates.
Despite the surge in COVID cases over the winter, Bank of America and other major banks have not updated their post-pandemic return-to-office policies. However, employees who are sick are being encouraged to stay home.
While the majority of employees have been adhering to Bank of America’s mandate to work in the office three or five days a week, depending on their position, there are some exceptions.
According to a post on a blog called thelayoff.com, the letter states, “You are receiving a letter of Education for failure to follow the minimum expectation regarding your work location set by the Workplace Excellence Guidelines despite requests and reminders to do so.”
A source familiar with the bank confirmed that these letters were issued to employees who had previously been notified by email.
The source also mentioned that “well over the majority” of Bank of America employees are complying with the return-to-office policy, which was implemented in October 2022.
In the letter, workers are given a two-week grace period to comply with the mandate or face “further disciplinary action.” The bank also states that the letter will be included in their personnel file.
Notably, a blog post on December 18 caused some readers to criticize Bank of America’s approach. One anonymous comment read, “Letter of Education??? Now that is a funny title! Reminds me of North Korea or China ‘repatriation’ training. I swear. Some of the phrases around this place have to make you laugh at the utterly bizarre and the unnecessary…”
It is important to note that the majority of Bank of America employees are required to be in the office three days a week, while investment bankers, traders, and client-facing employees must be in the office five days a week, with some flexibility allowed, according to a source.
Since the end of the pandemic, other financial institutions such as Goldman Sachs Group Inc., JPMorgan Chase & Co., and Citigroup Inc. have also implemented return-office-mandates.
The Importance of In-Person Collaboration in Wall Street Banks
Wall Street banks recognize the value of collaboration and mentorship, which is why many professionals prefer working together in the office. Having the ability to gather quickly and address client problems is a significant advantage for those who work in person.
JPMorgan, for instance, has mandated its most senior-level employees, known as managing directors, to return to the office full-time since April. Even employees following a hybrid schedule are required to spend at least three days a week working from the office.
While branch employees and those in various roles like check-processing, operations, sales, and trading have been working in the office five days a week, JPMorgan remains flexible, allowing employees to maintain a work environment that suits them best, just as it did before the pandemic.
Ensuring attendance in the office is a responsibility held by JPMorgan managers. In cases where employees excessively work from home, supervisors must take appropriate performance-management measures, including corrective action if necessary.
Citigroup takes a slightly different approach, granting the majority of its employees the option to combine office and remote work. Under CEO Jane Fraser’s leadership, the bank has embraced a hybrid schedule that allows employees to work in the office for three days a week and from home for up to two days.
Citigroup stands out as one of the more flexible banks. In fact, CEO Jane Fraser stated in a 2022 interview that it is no longer essential for employees to be physically present in the office every single day.
With approximately 240,000 employees worldwide, Citigroup prides itself on maintaining gender diversity. The bank employs 120,079 women and 119,779 men, with women making up 52% of its 2022 summer analyst and associate programs.
These decisions made by banks align with the growing demand from employees across the United States for a better work-life balance. A 2024 Ford study revealed that 77% of employed workers prioritize a balanced personal life over career advancement. Furthermore, 52% of workers expressed their willingness to accept a 20% pay cut in exchange for a lifestyle that prioritizes their quality of life.
Also read: Warning: Jobs advertised as ‘remote’ don’t always stay that way
