Bank of America plans to bring top New York executives back to the office starting June 1, as the spread of vaccines in the US paves the way for employees to return.
"Our goal is to be back where we were in January 2020 after Labor Day," said chairman Brian Moynihan on Thursday when he testified before the House Committee on Financial Services. Moynihan said the bank began bringing its vaccinated employees back after employees voluntarily shared with the company that they received the shots.
"We have about 50,000 teammates entering the information and giving us the opportunity to call it back," said Moynihan.
Banks have been pushing for staff to return to their offices as the vaccine helps an economy near-closed from the pandemic begin to re-open. Jane Fraser, CEO of Citigroup, said during the hearing that the bank plans to employ about 30% of its staff in July to ramp up from there. JPMorgan Chase, which became the first major US bank to mandate a return to office in April, is aiming for everyone to be back half the time by mid-July, said CEO Jamie Dimon.
JPMorgan is already asking people to come in now to make themselves comfortable, according to Dimon, who said his bank isn't asking for it yet, even though he wants everyone to be vaccinated.
JPMorgan reopened U.S. offices this month that were at least partially closed after last year's coronavirus lockdowns.