Banks are demanding that employees get back to the office, and Bank of Montreal is the latest to join the list.
The investment banking company told employees in a statement Thursday that they’ll be expected to work on-site four days a week starting on September 15, “where existing real estate capacity permits,” according to a statement to Business Insider.
“Our workplaces have a powerful role to help us serve our clients and communities, while shaping our culture and organizational productivity,” BMO spokesperson John Fenton told BI.
The company, which currently has over 53,000 employees as of the end of January, added that it has invested in workplaces “designed to maximize team performance by promoting collaboration, problem solving, mentorship, innovation, and career development,” such as the BMO Place in Toronto.
Banks across Canada and the US have implemented RTO measures.
Scotiabank recently announced a four-day in-office requirement beginning in September, citing the need for more collaboration, and the Royal Bank of Canada is also preparing to bring staff back in person at the same frequency.
In the US, JPMorgan is implementing a hardline full five-day RTO mandate, which has received backlash from workers who are now looking to form a union and considering offers from competitors, BI’s Reed Alexander previously reported..
Bank of New York Mellon said that starting September 2, employees are required to be in the office at least four days a week, transitioning away from the previous three-day-per-week hybrid model.
Meanwhile, both Wells Fargo and Bank of America have required that client-facing staff be on-site at least four or five days a week, with other employees required to show up in the office at least three days a week.
Morgan Stanley and US Bank have also implemented similar three-day in-office requirements.
However, some banks are also taking the opposite approach to attract and retain talent.
Citibank CEO Jane Fraser, 57, framed hybrid work as a competitive advantage and even shared how flexible work has enabled her to remain in the workforce as a mother juggling multiple positions.
Earlier this month, Citibank also said in a memo that it’s giving all hybrid employees who are required to be in the office three days a week two weeks of fully remote work in August, taking into account the need to spend time with families during summer.
