Bank of America revises its return to office plans. Here’s how the change impacts workers.
Bank of America has updated its remote work policy, according to a company-wide memo sent to employees recently.
The new plan includes a provision that will allow certain in-office employees to work from home two days a week at the Charlotte-based bank. The bank implemented the changes following employee feedback from a company-wide survey in April, according to the Tuesday memo.
While some banks have embraced hybrid work models, Bank of America and others have emphasized in-office working. Bank of America even ended up offering free lunch to employees this and last month to encourage in-person networking.
Bank of America has more than 200,000 employees, including about 16,000 in Charlotte.
How the new plan works
The new approach spelled out in the memo splits the bank’s employees into four groups. Branch-based employees and similar workers will continue to be fully in-person, as will roles in which employees are traveling to or meeting with clients.
Senior leaders in the company will also continue to be based in the office, the memo said.
But workers in jobs that “generally need to function” inside the office will be able to work from home for a certain number of days each month. And those in roles that “functionally support a split schedule” will be able to work from home two days a week.
The bank did not indicate how many workers would be impacted by the change.
The policy will be reviewed and updated on an ongoing basis, management told employees in the memo.
Other banks’ approach
Charlotte’s largest banks have warmed up to the idea of working from home — at least part of the time.
Truist CEO Bill Rogers told investors as early as January that the bank would embrace a hybrid work model that combines in-office and remote work, depending on the role.
“Hybrid and more flexible work are here to stay,” Rogers said
And Wells Fargo has taken a similar approach. Last week, the San-Francisco based bank told the Observer that most U.S. employees have returned to a flexible model, with three days in the office and two days remote a week.
This story was originally published October 24, 2022 at 1:31 PM.
