Wells Fargo targets return of employees to office in September

Wells Fargo expects its employees to return to the office around Labor Day.

WELLS FARGO: NO LOSS OF ARCHEGOS

According to an internal memo Tuesday from Wells Fargo CEO Charlie Scharf and COO Scott Powell, the bank aims to resume normal operations on September 6, citing a significant increase in the availability of COVID-19 vaccination. The company encourages employees, including those vaccinated, to work from home until then.

Scharf and Powell explained that many details regarding the return are still being worked out and that September 2021 is strictly a target date that will be adjusted based on COVID-19 cases and vaccination rates.

“We will spend the next few weeks and months developing them, and we will share our progress along the way,” the leaders added. But we wanted to let you know about our general approach and target timeline, so you and your family can make proper plans by the fall. “

More than 60,000 Wells Fargo employees reported to branches, operating centers and offices during the pandemic, while about 200,000 worked from home, according to the memo.

MOST WORKERS WANT TO CONTINUE WORKING AT HOME IN THE POST-PANDEMIC WORLD, CONCLUDES THE SURVEY

Wells Fargo is the latest company to look to bring employees back to the office, following similar moves by Microsoft and Facebook last week.

Teleprinter	security	Last	Change	Change%
WFC	WELLS FARGO & CO.	39.39	+0.95	+ 2.47%
MSFT	MICROSOFT CORP.	231.85	-3.39	-1.44%
FB	FACEBOOK, INC.	288.00	-2.82	-0.97%

Prior to the pandemic, Wells Fargo began redesigning its offices to be more open and “significantly contribute to spurring collaboration and innovation.”

“We think most of us benefit by being physically together,” Scharf and Powell said. “Being physically together can be more inclusive and foster broader participation. Being involved in meetings, learning by seeing how others work and the often unforeseen and occasional interactions that occur when people see each other in the workplace can be very important. This is particularly important. true for those new to Wells Fargo or those just starting out in their careers. “

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JPMorgan Chase said last week that it plans to bring interns back to its London and New York offices this summer, but a return date for the majority of its workforce has not been determined.

Goldman Sachs has also been pushing for its employees, including recent graduates, to enter the office rather than leaving home, according to Reuters. At a global town hall earlier this month, Goldman Sachs CEO David Solomon announced he was vying for analysts and first-year interns to return to the office alongside other members. staff by this summer, although the company noted that safety would be its top priority.

Meanwhile, Citigroup told employees last week that it expects most employees to be in the office only three days a week after the pandemic is over, according to the Wall Street Journal. Bank of America has not issued any official return plan.

Teleprinter	security	Last	Change	Change%
JPM	JPMORGAN CHASE & CO.	154.48	+1.80	+ 1.18%
GS	THE GOLDMAN SACHS GROUP, INC.	332.01	+6.28	+ 1.93%
BAC	BANK OF AMERICA CORP.	38.99	+0.68	+ 1.77%
VS	CITIGROUP, INC.	72.96	+1.38	+ 1.93%

In an effort to encourage employees to get vaccinated, Wells Fargo, JP Morgan Chase, Bank of America and Citigroup announced earlier this month that they will offer paid time off for appointments for the COVID-19 vaccine. .

According to the Centers for Disease Control and Prevention, more than 147 million doses of the COVID-19 vaccine were administered in the United States on Tuesday, with 28.9% of the population having received at least one dose and 16.1% fully vaccinated.

Daniella Genovese of Fox Business contributed to this report