It joins a growing list of banks temporarily shuttering branches as the novel coronavirus continues to spread across the country and more Americans stay home. Meanwhile, Citi and rival Wells Fargo became the latest banks to announce plans to pay bonuses to front-line employees.
The bank has asked managers review job postings and pull listings for roles that don’t need to be filled immediately, according to people familiar with the matter.
The agency says it is not cutting its workforce but that the new strategy is necessary because it has an unusually high number of workers near retirement age.
The outcome at Beneficial State may be hard for organizers to replicate at other banks, but it serves as a reminder that labor groups see an opportunity in an industry where many low-paid workers chafe against sales pressure.
JPMorgan Chase is asking thousands of U.S. employees to work from home as it tests a contingency plan for closing domestic offices should the coronavirus spread, according to people with knowledge of the matter.
The Toronto firm, Canada’s fifth-largest lender by assets, must keep “a careful eye on costs” and improve efficiency, its CEO said in a corporate memo.
"To wake up one day and assume everyone in America is going to be above average at math and above average rational is crazy," says Ethan Bloch, whose app is designed to help people achieve financial health.
Werner Loots, the bank’s first head of transformation, is helping the bank redesign how work is done, then streamlining and digitizing as much as possible.
