BNY Mellon strengthens weekly in-office attendance to four days
BNY Mellon, one of the world's largest financial institutions, has announced plans to increase the office presence of its employees, five years after the onset of the COVID-19 pandemic. The bank will require employees to work in the office for four days a week, starting from September 2, 2023.
The move follows a trend among several major Wall Street banks and Canadian banks, including Bank of Montreal (BMO), TD Bank, Royal Bank of Canada (RBC), Scotiabank, Citigroup, HSBC, Barclays, Morgan Stanley, and JPMorgan Chase, who have also increased the number of days employees need to be in the office.
While BNY Mellon's statement does not specify any focus on commercial or retail sectors, the bank believes that being in the office together helps them collaborate and move work forward more efficiently. Occasional remote work can be effective, but in person, they can respond more quickly to dynamic, fast-paced financial markets and better serve their clients, according to BNY Mellon.
The bank will continue offering employees two weeks of "work from anywhere" per year, and will also continue to allow remote work for one day a week. BNY Mellon managers have been working in the office four days a week since January 2023, and the bank has seen positive momentum from this arrangement.
Last year, Citi, U.S. Bank, Truist, Deutsche Bank, and Barclays increased the number of days employees needed to be in the office. Reuters reported the information about BNY Mellon's office policy. In January 2023, JPMorgan Chase and Goldman Sachs also required workers to return to the office five days a week, which drew complaints.
JPMorgan Chase CEO Jamie Dimon has been a proponent of in-office work, stating in 2023 that "there's nothing like face-to-face." Similarly, TD Bank's HR chief emphasizes the collaboration benefits from in-person work. However, many banks are settling on 4 days a week in the office rather than a full 5-day return.
The trend among the largest banks and Fortune 100 companies is already toward a majority full in-office presence by mid-2025. For example, Fortune 100 companies now have 54% fully in-office policies compared to only 5% two years ago, with employees expected in the office an average of 3.8 days per week in 2025, up from 2.6 days in 2023.
Here is a summary of the office requirements for some of the banks mentioned:
| Bank / Institution | Office Days Required | Timing of Return-to-Office Expansion | |--------------------------|----------------------------------|-------------------------------------------------| | BMO | 4 days/week | Starting Sept 15, 2025 (where capacity exists) | | TD Bank | 4 days/week (execs from Oct 6) | Execs Oct 6, non-execs Nov 3, 2025 | | Royal Bank of Canada (RBC)| 4 days/week | Starting Sept 15, 2025 | | Scotiabank | 4+ days/week | Starting Sept 15, 2025 | | Citigroup | Full-time or hybrid 2 days | Since May 2025 (full return for 600 US workers) | | HSBC and Barclays | 5 days/week | Since at least early 2025 | | Morgan Stanley | At least 3 days/week | Current policy as of July 2025 | | JPMorgan Chase | Increasing presence | Expanded office space mid-2025 |
Most CEOs expect a full or near-full return to in-office work by mid to late 2025, with many requiring 4 to 5 days a week in the office for most employees as part of this shift. According to KPMG, most CEOs expect a full return to in-office work by 2027.
Businesses in the finance sector, such as BNY Mellon, are increasingly prioritizing technology to promote collaboration and efficiency in a return to office work. This shift towards a more office-focused model is anticipated to continue among major Wall Street and Canadian banks, with a trend towards requiring employees to work in the office for a majority of the week.
