Business Insider confirmed that the bank issued the letters.
As of October 2022, Bank of America requires the majority of its employees to report to the office at least three days per week. People in more client-facing roles in departments, like investment banking and sales and trading, were asked to come in five days a week, with some flexibility.
Even though most of the bank’s employees complied with the workplace attendance policy, the bank began sending letters late last year to try to bring latecomers back to the office. Workers typically receive an initial notice before receiving a more formal “education letter,” BI has learned.
Bank of America is just one of several large financial institutions that have stepped up efforts to call employees back to the office over the past year. In April last year, JPMorgan CEO Jamie Dimon mandated the firm’s top executives come to the office five days a week. Goldman Sachs maintains one of the strictest RTO policies in the company — he asks his employees to come to the office five days a week. Morgan Stanley CEO James Gorman said he doesn’t expect workers to reach pre-pandemic levels, but he wants to see them in the office “three or four” days a week.
The good news for those entering the office is that it could put you in a better position for promotion. Stanford economist Nick Bloom said that coming to the office three days a week can give workers more visibility to supervisors and help them better compete for promotion. Recent studies have indicated a similar conclusion.