Unlock free Digest editor
Roula Khalaf, editor of FT, chooses her favorite story in this weekly newsletter.
Citigroup Executive Director Jane Fraser told top executives that the bank would continue to allow most employees to work at least two days a week, in a move that expel him from step with some rivals and Trump administration.
Fraser has committed to holding a hybrid schedule of work on a three -month invitation by executive director with US Bank management directors in mid -January, according to people who are familiar with the issue.
The reads are kept flexible even while other bankers increase their mandates in the office. Barclays On Wednesday, they requested all the staff from the office three days a week, according to two.
Last month, JPMORGAN Chase told employees that the bank would start to demand that his workers be person Five days a week starting in March.
Trump’s administration also requires US federal employees to return to their tables five days a week, offering dismissal Packages to workers who do not want to adhere to.
Citi’s decision to hold the hybrid schedules of work follows the earlier promises of the Fraser, who was generally milder when it comes to remote work than rival top executives.
In March 2021, shortly after becoming the executive, Fraser told employees that the bank had planned to accept a hybrid that works as a long -term strategy, not just in response to a pandemic. Since then, Citi has demanded that most of their employees be in the office three days a week. Most employees of merchants and branches of the bank must be in the office five days a week.
At the recent invitation of management, Fraser called the quit more flexible demands for working in the office of a competitive advantage. This can be a hiring tool to cute to attract employees who do not like a more rigid approach to some rivals. However, competitors claimed that returning staff to the office is a full -time job of vital to encourage better cooperation and mentoring for younger bankers.
Nevertheless, although he held a hybrid policy, Citi tightened his policies in the workplace and intensified the implementation of a minimum of attendance. In August 2023, Citi began to monitor safety passes to ensure that workers were personal at least three days a week.
Citi is also on the way to spend more than $ 1 billion renewing 42-storey Canary Office tower, which should be opened in 2026.
While the reads remains officially three days a week, some investment bankers say they feel from pressing that more often in the office. One associate at Citi’s investment bank said his division “soft four days a week in the office for a long time”.