Dive Brief:
- Capital One’s offices in the U.S., Canada and the U.K. will remain closed to non-essential employees at least through the Labor Day holiday on Sept. 7, CEO Richard Fairbank wrote in an internal memo, according to Bloomberg.
- Fairbank said the company would give employees a six-week heads-up once it decides to reopen its offices, according to the memo.
- The bank was among the first in the U.S. to temper person-to-person contact, temporarily closing 120 of its locations in March.
Dive Insight:
Capital One’s early and thorough investment in technology have helped the bank run smoothly during the coronavirus crisis, Fairbank said in the memo. Decisions to return will vary by location and will depend on local conditions, he said.
A number of big banks have yet to set dates for reopening their offices. But when they do, the work environment will doubtless be different. Some JPMorgan Chase employees could work from home on a rotational basis after the coronavirus pandemic is over, according to one plan sketched by the bank's co-president, Daniel Pinto, in a private meeting with Citigroup research analysts, Bloomberg reported. Rotating remote days would reduce demand for office space, support sustainability efforts and save money.
Employees should have the last word on whether to return to the office at Jefferies, CEO Rich Handler and President Brian Friedman said this month. "Our offices will not be open and full again when the president, governor, mayor or the two of us say they are," they wrote in a memo, according to Bloomberg. "Each of us are running at a million miles an hour, without ever leaving our home-office caves. We recognize this reality and are deeply appreciative."
Similarly, Citi won’t necessarily let its employees return to offices en masse simply because local authorities deem it OK, the bank’s president, Jane Fraser, said last month.
Goldman Sachs, meanwhile, is "carefully thinking about a gradual 'return to office' framework," executives told employees Tuesday, adding that staff members in Hong Kong, mainland China, Stockholm and Tel Aviv have started going back.
