Wells Fargo recently terminated more than a dozen employees from its wealth and investment management unit after discovering that they were faking work. The employees were fired due to allegations of simulating keyboard activity to give the impression of active work. The use of devices and software known as “mouse movers” or “mouse jigglers” allowed them to imitate activity. These gadgets can be purchased for less than $20 on Amazon.com.
The Financial Industry Regulatory Authority (Finra) received disclosures regarding the allegations and subsequent terminations. In response to the incident, Wells Fargo emphasized its commitment to high ethical standards and stated that it does not tolerate unethical behavior among its employees.
Banks’ Approach to Remote Work
During the pandemic, banks and the finance industry were among the most proactive in bringing employees back to the office. However, Wells Fargo took longer than its competitors, JPMorgan Chase & Co. and Goldman Sachs Group Inc., to implement a return-to-office policy. According to a survey by workforce consultant Scoop, 82% of large financial companies have retained hybrid work arrangements, allowing for a combination of remote and in-office work.
Wells Fargo introduced a “hybrid flexible model” in early 2022, requiring employees to return to the office. The bank expects most staff to work at least three days a week in the office, while members of the management committee are expected to be in the office four days a week. Branch workers and other employees are expected to be in the office five days a week.
Other Banks’ Policies and Regulatory Changes
Bank of America issued “letters of education” to its employees, warning them of potential disciplinary action for not reporting to work the minimum required number of days each week. Goldman Sachs informed junior employees that they would no longer be able to expense meals when working from home, even if they were working late or would have qualified for a meal in the office.
Barclays and Citigroup recently informed hundreds of their staffers that they would be required to work in the office five days a week starting this month. Both banks cited recent changes in Finra’s regulations, which make it more challenging for them to maintain a remote workforce.
Concerns about Remote Work and Employee Engagement
Remote work has raised concerns about employee engagement and job satisfaction. Gallup’s latest State of the Global Workplace report revealed that 62% of workers worldwide are disengaged, meaning they show up and do the bare minimum without feeling inspired by their work. Additionally, 15% of workers are actively disengaged, actively seeking new job opportunities due to bad management or dissatisfaction with their current roles. Collectively, disengaged workers cost the global economy $8.9 trillion, equivalent to 9% of global GDP, according to Gallup’s report cited by Quartz.
