Bank of America Workers to Return to Offices Gradually After Labor Day

Bank of America staff won’t begin going back to their offices until after Labor Day.
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Bank of America  (BAC) - Get Report workers won’t begin going back to their offices until after Labor Day, Sept. 7, as the coronavirus continues to rage.

“In the U.S., as we look at the environment and follow our commitment to provide 30 days’ notice, we have decided to make it simple: returns will start after Labor Day, Sept. 7,” the bank announced in a memo to its workforce Wednesday that was seen by Bloomberg.

A bank spokesman confirmed the contents of the memo to Bloomberg.

The move will proceed gradually, a source told Bloomberg. The exact numbers weren't available.

The U.S. has recorded almost 2.7 million infections, nearly double the amount of No. 2 Brazil. The U.S. has experienced more than 128,000 deaths. Among big states, Florida and Texas have seen coronavirus cases rise particularly fast.

Bank of America shares recently traded at $23.35, up 0.41%, and have gained 18% over the last three months.

Citigroup  (C) - Get Report has curbed its plan to bring some of its workers back to offices across the country, Bloomberg reported Wednesday.

The giant bank will hold off on the return of a small percentage of workers in 13 states recently affected by the coronavirus, including Texas, South Dakota, Idaho and Florida, a source said.

Citigroup still plans to bring back about 5% of its workers to offices across the Northeast, including New York, the source said.

“We delayed our return to a number of sites across the U.S. given the health data in those locations,” the bank said.

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