Dive Brief:
- BNY is calling employees back to the office four days a week starting in September, the bank said in a Wednesday memo seen by Reuters.
- The New York-based bank, which has required employees to spend three days a week in office since the first half of 2023, is instituting the change beginning Sept. 2. BNY managers have been in-office four days per week since January.
- The bank, which has 51,000 employees, will continue to allow remote work one day a week, the memo said. “We have no plans to return to 5 days in office unless circumstances were to demand otherwise.” A spokesperson declined to comment but confirmed what Reuters reported.
Dive Insight:
BNY is the latest Wall Street bank seeking to pull workers back to the office more frequently, five years since the COVID-19 pandemic prompted widespread remote work.
In January, JPMorgan Chase joined Goldman Sachs in requiring workers to return to the office five days per week beginning in March, which drew complaints. JPMorgan CEO Jamie Dimon has been among the biggest proponents of in-office work, saying in 2023 “there’s nothing like face-to-face.”
Last year, Citi, U.S. Bank, Truist, Deutsche Bank and Barclays were among those that upped the number of days employees needed to be in office. Most CEOs expect a full return to in-office work by 2027, according to KPMG.
“Being in the office together helps us collaborate and move work forward more efficiently. Occasional remote work can be effective, but in person we can respond more quickly to dynamic, fast-paced financial markets and better serve our clients,” BNY said in the memo to employees, noting it’s seen “positive momentum” from most managers being in office four days a week.
The bank will also continue offering employees two weeks of “work from anywhere” per year.
