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BNP Reaches Work From Home Deal With 132,000 Employees

BNP Allows Staff in Europe to Work From Home Half the Time

BNP Paribas SA reached one of the most comprehensive work-from-home deals among major banks, with more than 132,000 employees given the option of doing their jobs from home for up to half the week.

Staff in 22 countries across Europe can decide to work from home every week for as much as 2.5 days or to adopt a more flexible rhythm, the lender said in a statement Wednesday. Employees will need to be in the office at least one day per week.

The deal, which runs until 2024, extends a framework that was already applicable in France as lenders in the region adopt flexible arrangements to boost morale and save costs. Banco Bilbao Vizcaya Argentaria SA said last month it will permanently allow employees to work from home as much as 40% of their time. That agreement covers about 12,000 employees in Spain and is also being rolled out to other countries where the bank operates.

The push for more flexibility contrasts with Wall Street, where firms increasingly push for a full return to office. Bank of America Corp. plans to bring all its U.S. workers, both vaccinated and unvaccinated, back to the office by June, Bloomberg reported Tuesday.

BNP agreed to help cover the costs related to remote work and meals for staff that decide to work from home regularly. The bank’s European operations can sweeten the agreement to meet specific needs of their workforce. 

BNP’s closest rival Societe Generale SA signed an agreement with unions last year allowing bankers to work form home as many as three days a week, though that agreement only covers French employees and has not yet been extended to Europe.

Last month, Swiss lender UBS Group AG decided to allow some of its U.S. employees to work remotely full-time. The bank expects 10% of its local workforce to take up the option.

©2022 Bloomberg L.P.