Citigroup has instructed its 600 U.S. employees, who are eligible for remote work, to return to the office full time, citing challenges posed by regulatory requirements, particularly for roles such as trading on Wall Street. During the pandemic, regulators had relaxed some strict requirements to allow traders the option of working remotely.
However, in the near future, the Financial Industry Regulatory Authority (FINRA), the primary watchdog for U.S. brokerage firms and exchange markets, plans to revert to pre pandemic rules to oversee workplaces.
According to Citigroup, the majority of its employees will adopt a hybrid schedule, requiring at least three days per week in the office and allowing up to two days of remote work.
Earlier this week, FINRA had pushed back against banks, asserting that its new rules actually offer more flexibility to member firms to permit eligible registered individuals to work from home, following the expiration of temporary COVID-19 relief measures.
Reports from Bloomberg News highlighted Citigroup's decision, along with changes in work policies at HSBC Holdings and Barclays. Barclays, based in London, has mandated that its global investment banking staff work in the office or travel to meet clients five days a week starting from 1 June.
Meanwhile, HSBC is in discussions with nearly half of its New York workforce, approximately 530 employees, regarding regulatory shifts. The bank aims to accommodate as many individuals as possible who wish to continue working remotely, as per the Bloomberg report citing an interview with the bank's head of human resources for the U.S. and Americas.
