Scotiabank ramps up return-to-office mandate to four days a week
Scotiabank is changing its return-to-office policy to require some employees to work in-person four days a week.
In an internal memo shared last week, Scotiabank told staff the new mandate will apply starting in September.
Teams that have limited office space will be expected to be present three or more days, with the goal of eventually having all employees based at the head office on Bay and King streets in four or more days each week, according to the memo seen by Bloomberg.
And some employees won't be affected by the changes at all due to the nature of their work, with those on the global client-experience centre and Canadian banking collections teams seeing no change in their work arrangements.
'We know having our teams working together in-person has many benefits — greater collaboration, higher engagement, more career development opportunities, and a stronger culture and sense of belonging — and we are already seeing the positive impact this is having across the bank as we focus on executing on our strategy,' Scotiabank spokesperson Katie Raskina wrote in an emailed statement to the Star.
'We will continue to build on this impact as we bring our teams on-site more often, with the goal of reaching four days on-site across the bank over time.'
One of the Big Six banks said it would tighten lending criteria for self-employed borrowers in
Canada's Big Six banks, which have the largest presence in Toronto's financial district among other industries,
have been leading the pack in the return-to-office movement
. Since the COVID-19 pandemic, they started having workers back in the office as early as February 2022 — ahead of most companies.
In May, it was reported that RBC has also asked its staff to work from the office four days a week, beginning in the fall.
'RBC is a relationship-driven bank, and in-person, human connection is core to our winning culture,' spokesperson Jeff Lanthier said in statement Monday. 'We have important commitments to our clients and bold goals for the future. We are confident that prioritizing working together in-person is a vital component in setting us up for continued, long-term success. Starting in September, we expect our employees around the world to be in the office, with flexibility to work remotely one day per week.'
The Star contacted TD, CIBC, BMO and National Bank for their most recent return-to-office policies.
National Bank spokesperson
Alexandre Guay said each team has a different mandate depending on their needs — some employees work entirely in-person, while others follow a hybrid model. A CIBC spokesperson provided a similar statement.
TD and BMO did not immediately respond to requests for comment.
Last summer,
the Star reported
that Toronto Mayor Olivia Chow had met with several bank CEOs to discuss ways to get Torontonians back in the office at least four days a week, if not five, 'to make sure our financial district is vibrant.'
She also said the banks had been calling on City Hall to 'set a good example and get all your workers back in.'
With files from Bloomberg.
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