Bank of America Company Middle, the bank’s headquarters, in uptown Charlotte. The bank mentioned Tuesday that the workers would get a 30-day discover earlier than they returned to the workplace.
David T. Foster III
The Charlotte Observer
Bank of America’s workforce will return to the workplace in phases, beginning with the employees whose jobs could be “significantly enhanced from being in the office,” in response to an organization memo obtained by The Charlotte Observer.
At present, solely 24,000 staff are working of their places of work (together with branches) out of a complete of 208,000 employees. Step by step, phases of staff shall be returned to their places of work, with no less than 30 days discover, in response to the memo. Programs infrastructure staff had been cited as one group that may return to the workplace earlier than 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 mentioned. The bank employs 16,000 in Charlotte, the place it’s headquartered.
Enterprise journey and in-person occasions are nonetheless prohibited by means of July, besides when accredited by a senior government. The corporate informed staff to not go to the workplace or attend in-person conferences till the bank says in any other case. Within the coming weeks, every line of enterprise will present particular tips for when in-person shopper conferences can resume, in response to the memo.
Banks, in contrast to many different industries, have held up comparatively properly to the financial devastation of the coronavirus pandemic. Bank of America CEO Brian Moynihan, together with quite a few his friends, dedicated to no firm layoffs within the pandemic. The bank has additionally introduced plans to donate $100 million to assist communities harm by the coronavirus.
Nonetheless, Bank of America’s pre-tax revenue fell by about half within the first quarter because it put aside billions in reserve to arrange for coming defaults from shoppers and companies.
Associated tales from Charlotte Observer
Austin Weinstein is the banking reporter for The Charlotte Observer, the place he covers Bank of America, Wells Fargo and Truist, amongst others. He beforehand lined monetary regulation for Bloomberg Information. He attended the College of California, Berkeley.