Bank of America's return-to-office policy just got more foul

Bank of America, the second-largest financial institution within the U.S., is rising impatient with its staff who haven’t been complying with its return-to-office coverage and is now allegedly threatening them with “disciplinary action,” in response to a letter shared by an alleged Bank of America worker.

“You are receiving a letter of Education for failure to follow the minimum expectation regarding your work location set by the Workplace Excellence Guidelines despite requests and reminders to do so,” learn the letter. “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.”

Related: Here’s why return-to-office mandates may begin to disappear in 2024

The letter additionally informs the worker that they’ve to stick to all the pointers and guidelines set inside the firm.

“As a reminder you must comply with all Bank of America policies, procedures, guidelines, and conditions of employment including but not limited to those set forth in the employee handbook and Bank of America code of conduct,” learn the letter. “Failure to meet expectations of your role in the future may result in further action.”

The transfer from Bank of America comes after it reportedly up to date its return-to-office coverage in October 2022 the place it informed workers in a memo that journey and work-from-home insurance policies will rely upon the job place and enterprise on the firm. Some workers are required to be on the workplace three days per week, and others have the choice to make money working from home for a specific amount of days a month.

Wall road executives have lately been honing in on workers who work remotely and have been monitoring their compliance with return-to-office insurance policies. 

(L-R) Wells Fargo CEO and President Charles Scharf, Brian Bank of America Chair and CEO Thomas Moynihan, JPMorgan Chase Chair and CEO Jamie Dimon, Citigroup CEO Jane Fraser and State Street CEO Ron O’Hanley, testify throughout a Wall Street oversight listening to by the Senate Banking, Housing, and Urban Affairs committee on Capitol Hill in Washington, DC, December 6, 2023. 

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Banks akin to Goldman Sachs and JPMorgan started monitoring workers’ in-office attendance by monitoring their ID badge swipes that enable them to enter workplace buildings. Citigroup CEO Jane Fraser has additionally revealed that the corporate tracks the productiveness of its distant staff and would require them to return to the workplace in the event that they aren’t being productive sufficient.

“You can see how productive someone is or isn’t, and if they’re not being productive we bring them back to the office, or back to the site, and we give them the coaching they need until they bring the productivity back up again,” mentioned Fraser at a Bloomberg occasion in 2023.

The push for in-office work might backfire on employers as full-time in-person and hybrid staff have reported that they had been extra sad at work than their full-time distant colleagues, in response to a latest survey by Almost 40% of in-person staff reported that they had been sad at their jobs whereas solely roughly 15% of hybrid and about 12% of distant workers reported they had been sad.

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