Wells Fargo aiming for employees to return to the office in September

Approximately 200,000 Wells Fargo employees have been working from home during the pandemic

Wells Fargo is planning for its employees to return to the office around Labor Day.

WELLS FARGO: NO ARCHEGOS LOSSES

According to an internal memo Tuesday from Wells Fargo CEO Charlie Scharf and Chief Operating Officer Scott Powell, the bank is aiming to return to normal operations on September 6, citing a significant increase in COVID-19 vaccination availability. The company is encouraging employees, including those vaccinated, to work from home until that time.

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

"We will spend the next several weeks and months developing them, and we will share our progress along the way, the executives added. "But we wanted to inform you of our general approach and target timeline, so that you and your family can make appropriate plans between now and the fall."

Over 60,000 Wells Fargo employees have been reporting to branches, operations centers, and office locations during the pandemic, while approximately 200,000 have been working from home, according to the memo.

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

Ticker Security Last Change Change %
WFC WELLS FARGO & CO. 42.71 -0.55 -1.27%
MSFT MICROSOFT CORP. 257.17 -3.41 -1.31%
FB FACEBOOK, INC. 296.52 -4.95 -1.64%

Prior to the pandemic, Wells Fargo began redesigning its office locations to be more open and "meaningfully help drive collaboration and innovation."

"We believe most of us benefit by being physically together," Scharf and Powell said. "Being physically together can be more inclusive and drive broader participation. Being pulled into meetings, learning from seeing how others work, and the often unplanned, casual interactions that occur when people see each other in the workplace can be really important. This is especially true for those new to Wells Fargo or those early in their careers."

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

Goldman Sachs has also been pushing to get its employees, including recent grads, into the office rather than starting from home, according to Reuters. In a global town hall earlier this month, Goldman Sachs CEO David Solomon announced he was vying to get first-year analysts and interns back in the office alongside other staff members by this summer, though the company noted safety would be its main priorty.

Meanwhile, Citigroup told staffers last week that it is expecting most employees to be in the office only three days a week once the pandemic ends, according to the Wall Street Journal. Bank of America has not issued any formal return plans.

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 147.44 -3.14 -2.09%
GS THE GOLDMAN SACHS GROUP, INC. 330.94 -4.23 -1.26%
BAC BANK OF AMERICA CORP. 38.37 -0.38 -0.98%
C CITIGROUP, INC. 69.83 -0.84 -1.19%

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 would offer paid time off for COVID-19 vaccine appointments.

According to the Centers for Disease Control and Prevention, over 147 million COVID-19 vaccine doses have been administered in the United States as of Tuesday, with 28.9% of the population receiving at least one dose and 16.1% fully vaccinated.

Fox Business' Daniella Genovese contributed to this report