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For work and school profiles, the toolbar will show a "Work" or "School" label by default next to the toolbar avatar. The label will only be shown if the signed in account is managed.
Setting this policy to hide_expanded_enterprise_toolbar_badge (value 1) will hide the enterprise badge for a managed profile in the toolbar.
Leaving this policy unset or setting it to show_expanded_enterprise_toolbar_badge (value 0) will show the enterprise badge.
The label is customizable via the EnterpriseCustomLabel policy.