Latest banking news, September 2, 2022

The Bank of Nova Scotia expects more of its employees to return to the office in the coming months, making it the second major lender in Canada to publicly state that it aims to reduce remote working for its personal. “Scotiabank will place greater emphasis from September on coming together for certain types of work where there are clear benefits to being there in person,” the bank said in an emailed statement. “This includes collaborating with colleagues, meeting with clients, or doing work that has to meet specific regulatory requirements.” The bank said it will continue to offer “choice and flexibility” for work that can be performed remotely and that “the number and type of in-person activities that employees will participate in will depend on the needs of their industry. activity, functional area and role.” Last month, Royal Bank of Canada CEO Dave McKay urged employees to come into the office more often, saying remote work “cannot replicate the energy, the spontaneity, the big ideas, the real sense of belonging and the pleasure” of being together in person. A similar tone is being set by US financial firms, including Jefferies Financial Group, which is asking staff to return more often, and Goldman Sachs and Morgan Stanley, which have relaxed COVID rules to bring more workers back to the office. —Kevin Orland, Bloomberg News

Michael J. Birnbaum