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Biased Remote Working Policy for US Investment Banking Workforce

Wall Street located banks in the US have implemented differing work-from-home policies for different set of employees. And that is what has aroused anger and anxiety among the workforce in the financial services. While individuals of a few departments within the same bank are allowed to work remotely, while the employees of other divisions of the bank have been asked to report to the offices.

In the wake of the growing spread of the Coronavirus, the US federal government, in the recent past, encouraged the financial services firms to promote ‘remote working’ culture to the maximum extent possible. However, since the financial services have been categorized under ‘essential services’ by the federal government, banks can actually ask employees to report to their physical offices, and not to work from home, unless directed.

The Case with Wells Fargo & Co.

Wells Fargo, the San Francisco based American multinational financial services firm, was the latest to implement ‘work-from-home’ culture in its functioning. But, the world’s fourth largest bank in the investment banking industry did not allow all in its workforce to work remotely, but for a selected few. These were the employees who have not got anything to do related with one-on-one interactions with the customers. The decision was taken by the said bank to contribute in the efforts of its government in putting the virus-spread to a complete halt.

The sub-divisions within the bank that were asked to come to the offices to work comprised – call center, the branch-management teams, operations center personnel, and the managers heading these organizational divisions. These individuals are being considered essential to the continuation of the seamless banking operations. The said information was collected after a memo from Wells Fargo was released to their employees.

Wells Fargo Employees Did Not Like Its Biased Remote Working Policy…

No matter how good the higher management of the investment banking firm is feeling about the implementation of its new remote working policy, given that they think it is helping put a check on the virus spread, which it is, but a large section of employees is not liking it at all. Those, who have not been allowed to work remotely are furious over the bias the policy follows in terms of allowing a certain section of the workforce to deliver from their homes, while others need to report to work.

A Wells Fargo banker working in the mortgage division of the investment bank stated – “We can’t believe that they are not allowing us to work from home for a single day in a week.”

The spokeswoman for Wells Fargo, Miss Beth Richek, said that the section of employees that support critical operations, which include call centers, are needed to be on site to cater to our valuable customers.

While the US Cities Been Made to Shut Down, Bankers Are Being Summoned to Work

Corporate sector of the US has been criticized by the employees across industries on being asked to report to work at the physical offices, given the entire city shutting down to put a halt on coronavirus spread. San Francisco and New York City, where the Wells Fargo’s facilities are located, bars or any other kind of public-gathering places have been made to go completely dysfunctional by the federal government.

However, because the government thinks that the financial services, or the investment banking industry, come under the critical infrastructure segment, bankers would need to report to physical workplaces, if needed.

And hence, the unease among financial services workers, especially those from the investment banking industry.

US Bankers Are Now Ignoring Instructions Asking Them to Report to the Workplace

Many Bankers Have Denied Complying with the Biased Remote Working Policies. Some have simply refused to take the instructions from their managers who asked them to come to the office for work, citing that they can do anything and everything from the comfort of their respective homes.

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