Bank Of America Warns Employees Of 'Disciplinary Action' If They Don't Return To Office: Report

Bank of America Corp BAC has reportedly issued warnings to employees who are hesitant to return to the office, threatening them with potential disciplinary action.

What Happened: The bank has been sending out “letters of education” to employees who have not been complying with the office attendance policy, reported Business Insider on Tuesday. The letters warn of “disciplinary action” if the employees do not adhere to the workplace excellence expectations within two weeks of receiving the notice.

Bank of America has been requiring the majority of its employees to work in the office at least three days a week since October 2022. Employees in client-facing roles, such as investment banking and sales and trading, are expected to be in the office five days a week, with some flexibility.

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The bank has been sending out these letters since late last year to encourage employees to return to the office. Employees typically receive an initial notice before receiving a more formal “letter of education.”

Bank of America did not immediately respond to Benzinga's request for comment on office attendance policy.

Bank of America is not the only financial institution pushing for a return to the office. In April, JPMorgan Chase & Co‘s JPM CEO Jamie Dimon mandated the firm’s top executives to come into the office five days a week. Goldman Sachs Group Inc GS has one of the strictest return-to-office policies, requiring its employees to come in five days a week, the report added.

Why It Matters: The move by Bank of America to enforce a return-to-office policy comes amid a broader trend of companies calling employees back to the office. This trend has been seen across various industries, with companies like Amazon.com Inc AMZN and Elon Musk‘s Tesla Inc TSLA also implementing strict in-office attendance policies.

Bank of America’s move also follows a series of challenges for the bank, including layoffs of 20 bankers in Asia amid stock market challenges and a projected decrease in Q4 earnings. The bank’s efforts to bring employees back to the office could be a strategic move to improve productivity and performance amidst these challenges.

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