BNY Mellon has shelved the decision to ban its 50,000 global staff from working at home after a backlash from employees and diversity campaigners.

In a statement sent to all staff at the custody and investment giant on March 6, chief executive Charles Scharf said: “We have decided to immediately hit pause on implementing any changes to remote working arrangements. While we believe that it is enormously helpful to have as many people as possible physically together working collaboratively, we also realise that changes can affect personal lives in many ways.”