Brian Moynihan, CEO of Bank of America, on Monday outlined the finance company's approach to getting employees back into the office, telling CNBC that those who received the coronavirus vaccine will be a priority for now.
In an interview on Squawk Box, Moynihan said Bank of America began asking employees if they had a Covid shot a few months ago.
"About 60,000 people in the US … have given us this status," Moynihan said, adding that the number for employees outside the US is about 70,000.
“Now we are in the process of inviting these people back to work. We give them 30 days and more in advance, ”he said. "The basic concept is from now until Labor Day or mid-September, you are in this transitional mode, so to speak. The idea is that the vaccinated teammates should go back to work after Labor Day."
Bank of America, headquartered in Charlotte, North Carolina, had 212,201 employees as of March 31, the company said in its latest earnings report.
Moynihan's comments on Monday came on the same day that Goldman Sachs U.S. employees were forced to return to the office. In advance, Goldman asked US employees to inform the company of their vaccination status.
Companies on Wall Street and across America have taken different approaches – some stricter than others – to getting employees back to the office after the coronavirus pandemic led to an unprecedented introduction of remote work last year.
Some have opted for a so-called hybrid model, in which employees have to come to the office a few days a week. Other companies have gone further, allowing most employees to work remotely full-time even after the pandemic ended.
Moynihan noted that certain Bank of America employees, such as those in bank branches, had long been personal and "did a spectacular job" during the pandemic. For those who continue to work remotely, Moynihan said he believed there was a desire to return to the office.
"People want to go back to work," said Moynihan, whose company is the second largest bank in the United States by assets. "It was interesting, I was at that wedding over the weekend and a couple of young kids who work in our industry for a competitor and they're all … tired of working in their rooms."
Moynihan said it was still a little difficult to get employees back to the office who had not been vaccinated against Covid. "That's why we're focusing on the vaccinated," he said, emphasizing the importance of controlling the spread of the coronavirus so that the economic recovery continues.
“The key is not to lose sight of the viral vaccine path and the viral infection pathway. The number one risk to our economy is still this question, ”said Moynihan.