In an interview on “Squawk Box,” Moynihan said Bank of America started asking staff if they received a Covid injection a few months ago.
“About 60,000 people in the United States… have told us of this status,” Moynihan said, adding that the number stood at around 70,000 for employees outside the United States.
“Now we are inviting these people back to work. We give them more than 30 days’ notice, ”he said. “The basic concept is by Labor Day or mid-September, you’re kind of in that transition mode. The idea is that vaccinated teammates should be back at work after Labor Day. “
Bank of America, based in Charlotte, North Carolina, had 212,201 employees as of March 31, the company said in its latest earnings report.
Moynihan’s comments on Monday came the same day that US employees at Goldman Sachs had to return to the office. In the process, Goldman asked American employees to inform the company of their vaccination status.
Businesses on Wall Street and businesses in the United States in general have taken a variety of approaches – some more stringent than others – to getting staff back to the office after last year’s coronavirus pandemic sparked unprecedented uptake of work at distance.
Some have decided to permanently adopt a so-called hybrid model, forcing workers to come to the office a few days a week. Other companies have gone further, allowing most employees to work remotely full-time even after the pandemic has ended.
Moynihan noted that some Bank of America employees, such as those at bank branches, had worked in person for a long time during the pandemic and “did a spectacular job.” For those who continue to work remotely, Moynihan said he believes there is a desire to return to the office.
“People want to go back to work,” said Moynihan, whose company is America’s second-largest bank in terms of assets. “It was interesting, I was at this wedding this weekend and a bunch of young kids were working in our industry for a competitor, and they’re all… tired of working in their rooms. “
Moynihan said bringing employees who have not been vaccinated against Covid back to the office remains a bit tricky. “This is why we are focusing on people who have been vaccinated,” he said, while stressing the importance of controlling the spread of the coronavirus for the economic recovery to endure.
“The key is not to lose sight of the virus vaccine route and the virus infection route. The # 1 risk to our economy is still this issue, ”Moynihan said.