RBC Mandates Four-Day Office Return In September
Royal Bank of Canada (RBC) has announced a new return-to-office (RTO) mandate that requires employees to work from the office four days per week starting in September. The move marks a shift away from more flexible hybrid work arrangements.
According to Reuters, the update was sent through internal memos shortly after the bank’s second-quarter earnings release, which fell short of analyst expectations.
“RBC is a relationship-driven bank and in-person, human connection is core to our winning culture,” a spokesperson told Reuters. “We set the expectation in 2023 that we’d come together in the office for the majority of the time, with the flexibility to work remotely one to two days a week.”
RBC’s Return To Office Policy
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Employee Response
According to Reuters, internal chat groups showed discontent with the announcement, with employees raising concerns about longer commute times and additional transportation expenses.
The bank has about 94,000 employees globally.
How RBC Compares to Other Financial Institutions
Royal Bank of Canada (RBC) and Bank of Montreal (BMO) both implemented four-day RTO policies around the same time. Here is how RBC’s policy compares to other banks:
- BMO: 4 days/week
- JPMorgan Chase: 5 days/week (Office First)
- Goldman Sachs: 5 days/week (Office First)
- Bank of America: 3 days/week (Office First)
- Citigroup: 3 days/week (Hybrid)
- Wells Fargo: 3 days/week (Hybrid)
- Morgan Stanley: 4 days/week (Hybrid)
