Bank of America, $BAC, is sending letters threatening 'disciplinary action' to employees who aren't coming into the office

Bank of America, $BAC, is sending letters threatening 'disciplinary action' to employees who aren't coming into the office, per Bloomberg.


Certain employees at the bank have received notices indicating their failure to adhere to the company's "workplace excellence guidelines" despite prior reminders, as reported by the Financial Times. The letters issued warnings of potential "further disciplinary action" if the return-to-office expectations were not met.

This move by the bank aligns with a growing trend where companies are emphasizing mandatory office attendance. Corporations like Citigroup and Meta have been monitoring employees' office presence, typically implementing hybrid policies involving three days in the office and two days remote. Similar warnings of disciplinary measures are issued to those not complying.

This marks a significant shift almost four years after the onset of the Covid-19 pandemic, during which remote work was the norm for almost all office workers. Wall Street companies, notably in 2021, initiated the return to the office, and most have since introduced office attendance requirements. Alongside Bank of America and Citigroup, JPMorgan, Morgan Stanley, and Barclays have adopted three-day office mandates.

Despite this push for office return, many companies still allow flexible work arrangements, a departure from the pre-pandemic norm. Before the pandemic, only 3% of American workers were remote at least part of the week. Now, approximately a quarter of workers engage in remote work, according to Goldman Sachs, one of the few major companies mandating full-time in-office work. Goldman Sachs acknowledges that pandemic-induced changes have enabled hybrid work policies, facilitated by advancements in technology.

While the majority of companies maintain hybrid policies, a survey of American CEOs reveals that only six out of 158 prioritize bringing workers back full-time in 2024. Another survey from Deloitte in November indicates that 65% of surveyed chief financial officers plan to retain hybrid policies in the current year.

Despite some workers expressing a preference for office presence, being compelled to return has been found to reduce job satisfaction without necessarily improving a company's performance, according to recent research.

As companies and employees navigate return-to-office debates, researchers specializing in remote work assert that hybrid policies are becoming entrenched, signaling the demise of the traditional five-day workweek.

Stanford professor and remote work researcher Nick Bloom highlighted this shift in a November statement, stating, "Today’s new companies have nearly twice as many days worked from home as those founded 20 years ago. In 10 years, expect to see leading chief executives and entrepreneurs actively embracing hybrid work rather than begging employees to return to the office."