Employee benefits

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.

The smallest of the Best Banks to Work For have figured out how to thrive in an environment where many employees are working fully or partly from home. Some are using flexibility as a tool to stave off burnout.

Executives at the 90 institutions that made the ninth annual ranking are boosting benefits to attract new employees, amid intense competition for talent. They're also rethinking how they approach recruiting and increasing their diversity efforts.

In the short term, the Biden administration is asking the industry to help previously unbanked households access their funds. Longer term, some banks see a real opportunity in advising their customers on what to do with the large cash influx.

Banks are struggling to hire and retain workers in a tight labor market. To stay competitive, they are making concessions on wages and remote work that likely would have been unnecessary before the pandemic.

COVID-19 economic pressures have pushed more adults living paycheck-to-paycheck to want their income early, calling into question the value of decades-old payroll practices — and highlighting disparities along economic, racial and gender lines.

The bank is launching a business called Morgan Health aimed at improving employee benefits and promoting health equity, first for JPMorgan’s workers and then for other large companies.