Bank of America CEO touches on return to office during annual meeting

CHARLOTTE, N.C. — Bank of America Corp. hosted its second virtual shareholder meeting on Tuesday with topics ranging from back-to-office plans to the branch network.

The meeting drew about 375 shareholder attendees, plus another 375 guests.

“It has been quite a year since our last annual meeting as this pandemic took hold across the world,” CEO Brian Moynihan said in prepared remarks. “We’re encouraged by the progress we’ve seen that’s being made in response to the health crisis, driven currently by the distribution of vaccines. And we are also encouraged by the accelerating economic recovery we see as the economies reopen.”

BofA is planning for U.S. employees to transition back to the office after Labor Day, Moynihan said. Other locations worldwide will follow different plans. He said BofA is approaching the return to office on a business-by-business and market-by-market basis. The decision is similar to the one made at Wells Fargo & Co. last month.

Moynihan called BofA a work-from-office company. But, he said, it will take years for its real estate holdings to readjust to a post-pandemic environment.

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