Factbox-Canadian financial firms to rethink return-to-office amid Omicron concerns
Reuters
Published Dec 15, 2021 10:58AM ET
TORONTO (Reuters) -Canada's top health official Theresa Tam warned on Monday that COVID-19 cases in the country could rise rapidly in the coming days, due to the community spread of the Omicron variant.
Concerns over the highly transmissible variant have spooked investors around the world and prompted companies to delay their return-to-office plans.
Here are the updated plans of Canadian banks and insurers' to bring staff back to office:
Bank of Nova Scotia: Scotiabank has paused plans to begin a phased return for its Toronto head-office employees from Jan. 17. When the return happens, it will be staggered for different groups and most head-office staff will follow a hybrid working model.
Sun Life Financial (NYSE:SLF) Inc: Canada's second-biggest life insurer has paused its office re-opening pilot for more employees until the end of January.
The company has launched a flexible return-to-office approach for a majority of its 12,000 staffers in Canada, that will allow them to choose where to work from.
National Bank of Canada (OTC:NTIOF): Canada's sixth-biggest lender has asked employees to work remotely if possible.
Royal Bank of Canada: Most of the bank's 61,000 employees are working from home, but many have begun returning to offices or will do so over the coming weeks and months. Many of those will adopt a hybrid work model, working some days from home and some days in the office.
Each business group and region is determining the best work arrangements for them, and employees will receive at least four weeks' notice before they return to offices.
Toronto-Dominion Bank: Employees working from home are not expected to return to the bank's locations before 2022, but it is "monitoring the evolving situation." The bank is preparing for employees to return to TD premises when conditions allow.
Bank of Montreal: Some employees who were working from home returned to BMO locations in June, and others started during autumn. The timetable for a full-fledged return will differ by groups, teams and geographies.
Canadian Imperial Bank of Commerce: Most Canadian employees working from home will return to offices on a hybrid basis in early 2022.
Manulife Financial (NYSE:MFC): Manulife expects employees in Canada and the United States to return to offices on Jan. 24, with many working three days a week - Mondays, Wednesdays and one flex day - in the office.
Get The News You Want
In addition, the banks and insurers have put in place mandatory vaccination policies https://www.reuters.com/world/americas/canadas-major-banks-require-employees-entering-premises-be-vaccinated-2021-08-20 that employees will need to follow to return to their premises.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.