I wonder how schools and banks plan to react to this... Apparently financial firms have to record everything their employees do for some regulations.
To me, schools doing this sort of thing is wrong. I wouldn't be surprised if the principle would grab people's passwords and login to their accounts even. I know some schools even went as far to demand students hand over their passwords to social media when they report bullying... Which if the school blocks social networks anyways, I don't see how it's a school issue for what happens outside of school...
If this sort of thing really needs to be done, at-least people should be warned and aware they are being monitored. If it's for a bank and it's only company equipment everything is being monitored it seems a bit more okay to do if everyone is well aware. "You are only to use work computers for official business." sort of policy.