Bank of America workers to return to office in stages

Bank of America’s workforce will return to the office in stages, starting with the workers whose jobs would be “significantly enhanced from being in the office,” according to a company memo obtained by The Charlotte Observer.

Currently, only 24,000 employees are working in their offices (including branches) out of a total of 208,000 workers. Gradually, phases of employees will be returned to their offices, with at least 30 days notice, according to the memo. Systems infrastructure employees were cited as one group that would return to the office before others.

“Our plans will be guided by clear principles: we will move slowly and carefully, driven by business need, with safety as our highest priority,” the memo said. The bank employs 16,000 in Charlotte, where it is headquartered.

Business travel and in-person events are still prohibited through July, except when approved by a senior executive. The company told employees to not visit the office or attend in-person meetings until the bank says otherwise. In the coming weeks, each line of business will provide specific guidelines for when in-person client meetings can resume, according to the memo.

Banks, unlike many other industries, have held up relatively well to the economic devastation of the coronavirus pandemic. Bank of America CEO Brian Moynihan, along with a number of his peers, committed to no company layoffs in the pandemic. The bank has also announced plans to donate $100 million to help communities hurt by the coronavirus.

Still, Bank of America’s pre-tax income fell by about half in the first quarter as it set aside billions in reserve to prepare for coming defaults from consumers and businesses.