A TD Bank sign in Toronto’s financial district. TD is the latest of Canada’s big banks asking staff to work more days a week from the office.Spencer Colby/The Canadian Press
Toronto-Dominion Bank TD-T is the fourth major lender requiring staff to work from the office four days a week, even as employees at Canada’s biggest banks battle for desks.
On Wednesday, TD notified staff they will work from corporate towers on a more full-time basis as of Nov. 3.
Separately, The Globe reported that bank employees are scrambling to access desks and face challenges with limited space in corporate towers in downtown Toronto, even before the four-day requirements take effect.
In an internal memo seen by The Globe, TD said that in-person collaboration offers development opportunities and strengthens the bank’s culture.
“TD has made strong progress over the last several months and there is clear momentum in our business as we advance an ambitious agenda,” chief human resources officer Melanie Burns said in the internal memo.
“We’ve seen that when we work together in person, we collaborate more effectively, make better decisions more quickly, learn from each other, and deliver stronger outcomes.”
Executives will be required to be in the office four days a week as of Oct. 6.
The bank said that many of its locations will be prepared to accommodate the new rule by November, but it will need to take some time to ensure others are ready. As a result, the new requirement may take effect at a later date for certain teams.
TD also said it recognizes that workplace flexibility allows people to manage personal and professional priorities.
“If from time to time you need additional flexibility to work from home, please check with your people manager and we will work with you to support your needs,” Ms. Burns said.
In recent months, RBC RY-T, BMO BMO-T and Scotiabank BNS-T informed staff of the four-day mandate effective Sept. 15.
RBC and Scotiabank are looking for more office space to accommodate the change, according to sources familiar with the matter.
Canada’s big banks are some of the county’s largest employers, with hundreds of thousands of staff across the six largest lenders. The shift is a milestone for companies hoping to bring employees back to corporate offices more often.
U.S. banks have also been increasing their return-to-office mandates. This year, JPMorgan Chase JPM-N – the country’s largest lender – told employees to work from the office for a full five days a week.