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Bank of America gives WFH employees Labor Day deadline to return to office

After Labor Day, “our perspective is that all vaccinated teammates will be back,” Moynihan said. “We will be able to function fairly normally and then start making arrangements for the other teammates as the fall progresses,” he added.

“We encourage employees to enter their immunization status on the company portal, and we expect the majority of our employees to return after Labor Day,” a Bank of America spokesperson told CNN Business.

Bank of America isn’t the only major bank focused on getting its employees back to the office. This week Morgan Stanley CEO James Gorman said it was time for the bank’s New York employees to return to work in person now that more and more people are being vaccinated against Covid-19.

“If you can go to a restaurant in New York City, you can come to the office. And we want you to be in the office,” Gorman said. “By Labor Day, I’ll be very disappointed if people haven’t found their way into the office and then we’ll have a different kind of conversation.” The CEO added that workers cannot expect to earn New York City wages if they continue to work remotely.

And in May, Goldman Sachs asked its U.S. employees who had not yet returned to the office to prepare to do so by June 14, according to a memo obtained by CNN Business.
Legal experts say employers can require vaccinations, although federal protections may allow certain exceptions.

Coping with stress

The decisions to return to work in person come after some Wall Street workers said they were fed up with long hours and overwhelming workloads. Booming markets and seismic changes in the economy created a lot of business – and stress – for investment banks during the pandemic, and personal care and mental health rose to the top of the priority lists many employees.

In March, Citigroup announced “No Zoom Fridays” as a way to help exhausted bank employees cope with stress a year after the start of the pandemic.

Also in March, Goldman Sachs analysts complained of working 95 hours a week and being subjected to “inhuman” treatment. In response, the company’s CEO David Solomon said the bank would tighten enforcement of its “Saturday rule” and speed up the hiring of junior bankers. Goldman’s “Saturday Rule” requires analysts to be out of the office from 9 p.m. Friday to 9 a.m. Sunday, except in rare circumstances.

– CNN’s Paul La Monica contributed to this report


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