Employee benefits

Zayzoon says that by providing up to half of workers' paycheck early, its clients' employee turnover fell 29%and recruiting rose 79%.

Alloy, Marqeta and other technology firms drafted policies to assist employees in states that restrict abortion access, even before they had all the answers.

The New York megabank’s decision, which takes effect on July 1, emerged on the same day that the Supreme Court overturned Roe v. Wade. JPMorgan Chase is following the lead of Citigroup, which announced a similar policy at the start of the year.

Bank of America is boosting pay for tens of thousands of U.S. employees who earn less than $100,000 a year and adding reimbursements for a portion of electric-vehicle purchases. 

Mastercard said it would help pay for workers to travel to access abortions if pregnancy terminations aren’t available in their home state.

Goldman Sachs Group will allow senior staff to take an unlimited number of vacation days, the latest move by a Wall Street bank to retain talent in a heated job market.

Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank by assets, will cover some of the costs for employees’ gender-transition surgeries and related procedures not covered by government programs.

JPMorgan Chase unveiled plans for its new global headquarters — a 60-story skyscraper in midtown Manhattan that, according to the bank, demonstrates its commitment to New York City’s revival.

The megabank will cover costs incurred by employees and family members who travel out of state to receive an abortion. The policy drew immediate fire from Republicans in Texas, which has banned abortions after six weeks of pregnancy, and where Citi has been tangling with the GOP over gun policies.

JPMorgan Chase agreed to buy Global Shares, a provider of cloud-based software for managing employee share plans, as the biggest U.S. bank scoops up firms to fend off competition.

As return-to-office plans accelerate — with hopes they will stick this time —  many bosses are embracing new setups and perks meant to evoke the comforts of home. At Mizuho Americas, Bank of Montreal and Deutsche Bank, the changes have gone even further: New York workers came back from the pandemic to entirely different buildings. 

The acquisition of Bend Financial will accelerate the Connecticut bank’s efforts to deliver an improved digital experience to HSA customers, executives said.

Employees at Genesee Co-Op Federal Credit Union in New York and Beneficial State Bank in California formed unions in the past year to bargain for better wages and reform their corporate cultures. Will workers at other community institutions follow their lead?

Toronto-Dominion Bank is adding child day care and elder care as eligible expenses for employees’ wellness accounts as lenders battle for talent and try to build workforces with greater diversity.

Earned wage access companies are finding that their product, which allows employees to receive a portion of their salary ahead of the traditional two-week cycle, can aid nurses and other professionals in addressing the work-life imbalance that contributes to the Great Resignation.

Morgan Stanley made sweeping changes to its employee benefits including increasing parental leave and allowing some employees to buy its stock at a 10% discount amid intense competition for talent.

KeyCorp is “dramatically” increasing the length of parental leave for employees and offering more flexibility for working remotely as part of a number of measures to help retain talent, CEO Chris Gorman says.

The city and the nonprofit Operation HOPE will offer $100 to kids from low-income households, with banks playing an assisting role. “Once you own some stock, once you have an account, now you're watching that grow and you’re a participant in the” financial system, said John Hope Bryant, the nonprofit's founder and CEO.

Goldman Sachs Group added new employee benefits, including higher retirement contributions, as part of a package of changes aimed at addressing worker burnout.

A focus on getting work done more efficiently has prompted these midsize banks to rearrange responsibilities, eliminate red tape and use technology to automate repetitive or tedious tasks. Some are also enhancing leadership development and increasing employee benefits amid an increase in turnover.