Big Canadian banks are calling employees back to the office

A number of prominent Canadian banks have made the decision to request their employees come back to the office, in a move that might speak to a more significant nationwide trend.

According to the Globe and Mail, the Royal Bank of Canada (RBC) has requested all employees to return to the office at least three times a week starting this spring.

That article cited an internal memo sent to RBC employees telling them this new requirement would go into effect as of May 1.

It's the same deal for the National Bank of Canada, which according to Reuters, is aiming for their employees to spend 40 per cent of their time in the office.

Last spring, Toronto-Dominion bank transitioned employees to a hybrid work schedule, with 95k employees returning to the office in some capacity.

It's unknown if CIBC, BMO or Bank of Nova Scotia would also implement similar requirements; however, the latter is opened two community working spaces in Mississauga and Scarborough back in February. 

"We're seeing more employees coming into our head office downtown, and higher engagement for those employees who are coming in office more frequently. Employees are coming into the office for the right reasons, and we're seeing positive outcomes and the benefits of our shared experiences in-office," said a media spokesperson for Scotia Bank.

The Bank of Nova Scotia and CIBC are headquartered in Toronto, while TD, Bank of Canada and RBC also have prominent Toronto presences.

According to their new policy, the City of Toronto also implemented a back-to-work strategy just days ago, with employees expected to be in the office for at least two to three days.

Downtown office vacancy climbed to 10.3 per cent in the first quarter of 2023, but this broader trend could see more people returning to the city's Financial District in the coming weeks.