Charlotte's largest financial-services companies are starting to readjust return-to-office plans, as Covid-19 variants and vaccine hesitation threaten progress on controlling the virus.
Covid-19 cases have been on the rise nationwide over the last few weeks. North Carolina reported 2,188 cases on Tuesday, a steep increase from the less than 500 recorded for multiple days in early July, according to state data. Forty-seven percent of the state's eligible population is fully vaccinated, including 49% of Mecklenburg County residents.
Here's how Charlotte's financial industry is responding.
Truist Financial Corp.
Truist Financial (NYSE: TFC) said on Tuesday it is pushing back its return-to-office target for employees to October or November. Those who have volunteered to return to the office can continue to work there. Truist is requiring all employees to wear masks indoors, regardless of vaccination status.
Truist is also requesting that employees participate in a voluntary vaccination tracking tool to gather better data.
Barings
Barings said it is still planning for the September time frame to return to the office. On Friday, it surveyed global employees to see how many are fully vaccinated. It declined to share results. Barings told employees it is not mandating vaccination, but it can better gauge safety once leaders know how many people are vaccinated. Employees who are not fully vaccinated are working remotely until conditions improve.
Bank of America Corp.
Bank of America (NYSE: BAC) is sticking to its guidelines for a post-Labor Day return. It is following guidance from federal and local health officials in the markets it serves.
Wells Fargo & Co.
Wells Fargo (NYSE: WFC) said on Thursday it is pushing back the start of its return-to-office plan to October.
San Francisco-based Wells Fargo is targeting a pre-pandemic work approach with more flexibility. It said employee success is tied to seeing colleagues on a regular basis for relationship building, coaching and brainstorming. Operations and contact center employees will return in shifts starting the week of Oct. 4. They will work on a temporary, rotational schedule of in-office and remote work.
Enterprise and non-customer-facing employees will start a hybrid schedule the next month, Wells Fargo said. That means up to two days per week of working at home. Individual units can set further stipulations, such as increasing office days or requiring employees to be there on certain weekdays.
Wells Fargo employees are strongly encouraged to get vaccinated, but it is not required.
"Our focus remains on keeping our employees and customers safe," Wells Fargo said in a statement. "We continue to follow CDC guidance and have returned to our face covering policy that was in place for most of the pandemic that requires U.S. employees currently working in the office to wear face coverings at all Wells Fargo U.S. facilities, regardless of their vaccination status."
LendingTree Inc.
LendingTree (NASDAQ: TREE) said its reentry and legal teams are meeting this week to finalize mask recommendations and protocols. They expect to have a decision prior to the company's quarterly town hall on Wednesday. LendingTree is preemptively looking to hold off on its second move-in phase, which would bring unvaccinated employees back to the office. Its current phase allows employees to voluntarily return if they are fully vaccinated.
Brighthouse Financial Inc.
Brighthouse (NASDAQ: BHF) said its offices will remain closed for now. It will reevaluate plans to open offices in the fall. Employees will return with a flexible, hybrid work model.
Ally Financial Inc.
Ally (NYSE: ALLY) said earlier this year it was not planning to bring most employees back before the third quarter. Some moved into the new Ally Charlotte Center starting in the second quarter. On Tuesday, the bank said it is limiting office access to fully vaccinated employees and asking them to consider wearing masks. Those employees will also have access to rapid testing.
"Since the onset of the pandemic, Ally has made decisions guided by data, science and the expertise of medical professionals. Employee safety is always our priority," Ally said in a statement.
TIAA
Sean Woodroffe, chief people officer, said the firm is moving ahead cautiously and taking a conservative approach. A small group of volunteers will start returning to the office in September, with plans to fully return in early 2022. That first wave will be capped at 35% capacity. In November, a second wave of volunteers can return at 60% capacity.
All employees have the option to work remotely through the end of the year.
TIAA said its Charlotte office will have evolving seating assignments to support a hybrid work model. There will be flex and reserve seating. Employees will be encouraged to get vaccinated. Those who aren't fully vaccinated will be required to wear masks. The firm said it has not finalized a vaccination policy for 2022.