Bank of America will not conduct any layoffs in 2020 amid employment concerns because of the coronavirus pandemic, according to news reports.
“We don’t want our teammates to worry about their jobs during a time like this,” BoA CEO Brian Moynihan told CNBC on Friday. “We told them all, there’s no issue, you’re all going to be working now through year-end. No layoffs, no nothing.”
“We’ll continue to pay everybody, even those who can’t work from home because the type of work they do isn’t doable from home,” he said, according to the TV news channel.
Moynihan also said the company has hired more than 2,000 staff this month to assist clients, according to CNBC.
Earlier this month, Bank of America said it would pay extra to branch, call-center and operations employees who can’t work remotely, as well as pay branch employees for a full weekly schedule even as it reduced branch hours.
Bank of America’s announcement about no job cuts comes on the heels of several other firms making similar pledges to their employees. On Thursday, Morgan Stanley CEO James Gorman told the company’s 60,000 employees that “that there will not be a reduction in force at Morgan Stanley in 2020” despite pressures on the firm arising from the coronavirus pandemic.
“Aside from a performance issue or a breach of the Code of Conduct, your jobs are secure,” Gorman told employees.
Wells Fargo has also suspended new layoffs and is pausing “initiating new displacements,” a spokeswoman for the firm told Reuters on Thursday. Like Bank of America, Wells Fargo is paying certain U.S. employees extra.
Citigroup’s CEO Mike Corbat has also reportedly suspended any planned cuts. Last week, the company likewise announced plans to pay extra to certain U.S. staff.
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