Banks have recently taken actions that align with Merriam-Webster’s definition of populism: supporting ordinary people over established interests. While such moves are rare among major financial institutions, Bank of America and Barclays have each made notable steps reflecting this approach.
BofA Expands Apprenticeship Program
Bank of America announced plans to hire 1,000 additional apprentices over two years, alongside a $150 million commitment to workforce development organizations by 2031. These roles span consumer banking, technology, and operations, with apprenticeships lasting roughly a year and offering industry-recognized credentials. Roughly 40% of BofA’s hires lack a bachelor’s degree, highlighting its focus on skills-based hiring.
The expansion builds on an existing program that recruits over 800 apprentices annually. CEO Brian Moynihan emphasized the initiative as a means to create opportunities for non-degree holders while building career mobility. “This is one more way for us to do what we can to help create a skilled American workforce for tomorrow,” he stated in a September 24 press release.
Apprenticeships also provide portable credentials that apprentices can leverage beyond Bank of America, aligning with broader workforce development goals. While the apprenticeship expansion may appear populist, it could also reflect strategic workforce planning as artificial intelligence reshapes banking operations. Moynihan noted that managers must ensure transitions to AI-driven roles benefit all employees, reducing the need for repeated hiring cycles.
As populist as Merriam-Webster may define BofA’s expanded apprenticeship, it may have simply been driven by the calendar: After BofA reached its $25-per-hour goal in 2025, the bank may have realized it wanted to throw an opportunity to its lowest rung at this time of year because it’s tradition. This alignment with the bank’s established September wage increase announcements suggests a deliberate effort to connect workforce development initiatives with ongoing equity improvements.
Barclays Adjusts Remote Work Policy
Barclays initially required U.K. employees to return to offices three days a week, with higher-ranking staff attending four days, effective October 5. After union pushback, the bank delayed full implementation to 2027, citing the need for employee support during the transition. The updated policy still encourages compliance in the interim, with exceptions requiring manager approval.
Unite, representing approximately 80% of Barclays’ U.K. workforce, demanded exemptions for employees with long commutes, childcare responsibilities, and flexible scheduling. The union also sought a one-time payment by March 2027 to offset commuting costs. Both parties agreed to continue negotiations, with Barclays committing to review its flexible working policy. The delay reflects Barclays’ broader assessment of workplace trends, with the bank suggesting the labor market may be softening, reducing its urgency to enforce stricter in-person requirements.
