Bank Of America Workers Called Back To The Office

Bank of America is the latest company to call workers back to the office.

They sent “letters of education” to employees who have not been showing up at the office, warning them of disciplinary action.

The letters received said: “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.”

A bank spokesperson said the text was consistent with the warning letters that have been sent.

Since the start of this year many banks have been stepping up enforcement of days required in the office.

In April, JPMorgan began requiring all senior managers to be in the office five days a week.

Citigroup also sent a notice to its UK employees that it would begin tracking office visits.

Goldman Sachs asked for attendance from Monday to Thursday had returned to pre-pandemic levels while it was still lower on Fridays.

Office attendance expectations have become more stringent as higher interest rates and a slowdown in corporate dealmaking have hurt banks’ bottom lines and prompted lay-offs.

BofA, Citi and UBS have initiated new rounds of job cuts in the past week. BofA’s lay-offs involve a few dozen workers, mostly in its investment bank.

Lay-offs at Citi and UBS are part of restructuring efforts, the former of which is looking to cut 20,000 workers by 2026.

Earlier this month, BofA reported that its employee turnover rate dropped to 6 per cent in the fourth quarter of 2023, about half of the bank’s typical rate.

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