Bank of America Corp.'s (NYSE: BAC) U.S. employees will not return to the office until after Labor Day, according to an internal memo obtained by the Charlotte Business Journal.
Charlotte-based BofA has about 180,000 employees working remotely. The bank implemented work-from-home policies in mid-March to help slow the spread of Covid-19. Banking is considered an essential industry. Branches have stayed open at reduced capacity and with social-distancing guidelines. Other precautions include clear barriers, face masks, enhanced cleaning and early hours for seniors.
The memo said BofA is seeing more Covid-19 cases among workers, especially U.S. employees working from home.
"We need to keep going, and we ask and strongly encourage you to make every effort to stay healthy. This is critically important right now. The coronavirus is still unchecked by a vaccine and until that changes, it is a risk to all," the memo reads.
Employees will be given at least a month's notice before returning to the office, BofA said. Offices will have distanced workspaces, guidelines on elevator use and common areas and limits on in-person meetings. In-person meetings with clients will be allowed as offices reopen. The bank said it will release more guidance on this.
BofA is not allowing in-person meetings or business travel for now. Any exceptions must have management approval. The bank restricted nonessential travel in March, following its earlier restriction on international travel.
Wells Fargo & Co. (NYSE: WFC), Charlotte's second-largest bank, is taking a similar approach. The bank said it will also continue work-from-home policies through at least Labor Day. Wells Fargo said it does not know when operations will return to normal. It is creating a "thoughtful, phased plan" and using guidance from health officials.
San Francisco-based Wells Fargo has about 200,000 employees working from home. Its largest employment hub is in Charlotte with 27,500 local employees.
Truist Financial Corp. (NYSE: TFC) said it is also planning a phased approach. The Charlotte-based bank previously said it would look at buildings and lines of business on a case-by-case basis. Truist said about 35,000 of its employees are working from home. It has 2,000 corporate employees in Charlotte.
BofA said some international employees, including in China, have begun to return to work.
The bank is delivering masks for employees and their family members to use. Any employee who tests positive for Covid-19, or is close to someone who tests positive, is asked to alert BofA's Security Operations/Analysis Command Center. That rule applies to employees at the office or working at home.
BofA is the Charlotte area's largest bank and holds more than 70% of the market share in deposits. It is also one of Charlotte's largest employers with about 16,000 local employees. The bank reported more than $2.6 trillion in assets as of March 31.
BofA will release its second-quarter earnings report next week.