Bank of America confirms return to office plans for its vaccinated employees
Bank of America’s vaccinated employees can now return to the office, CFO Paul Donofrio confirmed Wednesday.
“We have invited all vaccinated associates back to the office,” with the goal of having all of those workers back by the beginning of September, Donofrio said on a call with reporters.
The September benchmark is one that CEO Brian Moynihan has previously cited in public comments for the Charlotte-based bank. After that, the bank will focus on bringing unvaccinated employees back to work, Donofrio said.
The bank plans to “transition back (to in-person work) slowly” over the next few months, spokesman Mark Pipitone said. “Employees invited back will have the flexibility to transition gradually over the summer.”
Bank of America has about 16,000 workers in Charlotte and more than 200,000 employees in total.
“Once we reach that milestone (for vaccinated workers), we will begin the return of the rest of our associates with safety in mind,” Donofrio added.
Donofrio’s comments came on a call with reporters to discuss the bank’s second quarter earnings.
BofA quarterly earnings
Bank of America reported net income of $9.2 billion for the second quarter on Wednesday, more than doubling its profits from this time last year, when companies wrestled with the initial coronavirus outbreak.
Revenue in the second quarter fell 4% to $21.5 billion, the bank said, due to a decline in net interest income driven primarily by lower interest rates. The decrease was also driven, in part, by lower sales and trading revenue, the bank said.
In a news release, Moynihan said a return to in-person work could help improve revenue.
“More than 85% of our buildings and offices are open, and we’re welcoming our teammates back,” Moynihan said. “This means more face-to-face meetings, helping to increase sales.”
The bank’s earnings also got a boost from its decision to release $2.2 billion of reserves that it had previously set aside to handle potential losses on loans due to the coronavirus pandemic. Those losses never materialized, and the bank has released reserves amid an improved economic outlook.
This story was originally published July 14, 2021 at 8:48 AM with the headline "Bank of America confirms return to office plans for its vaccinated employees."
