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Business News/ Companies / News/  Citigroup, HSBC shift from hybrid work policy; ask more staffers to report to offices five days a week
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Citigroup, HSBC shift from hybrid work policy; ask more staffers to report to offices five days a week

Citigroup Inc. and HSBC Holdings Plc are ordering more US staffers to report to company offices five days a week as regulatory changes make it trickier for Wall Street to allow working from home

Citigroup Inc. and HSBC Holdings Plc are asking more staffers to come to office for work.Premium
Citigroup Inc. and HSBC Holdings Plc are asking more staffers to come to office for work.

Shifting from a hybrid work policy for all of its employees, Citgroup Inc and HSBC Holdings Plc are calling more US employees to offices full-time. The two companies are among Wall Street companies known for their flexible work culture. The shift in policy has come weeks ahead of the Financial Industry Regulatory Authority's adjustment in rules for monitoring workplaces. 

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Citigroup asks 600 employees to commute to offices full-time

Citigroup is asking its 600 employees to commute to company offices full-time, reported Bloomberg citing the New York-based firm's statement on Thursday. All of these employees were earlier eligible to work remotely for the bank. 

Also Read: Work from office, fewer IT jobs kill moonlighting spirit

Work from office to impact 530 HSBC staffers

Nearly 350 employees are expected to be impacted by HSBC's shifting regulations, nearly half of the bank's workforce in the city. In an interview with Bloomberg, Mabel Rius, head of human resources for the US and Americas, told Bloomberg that the bank is speaking to its employees to consider their options for a smoother transition.

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Although the company is attempting to transition to full-time work at the office, it is also trying to let as many people as possible retain the option of working from home, Rius added. HSBC's regional chief said a blanket five-day mandate for all staff is unlikely at the company.  

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End of remote work policy 

The changes come as the Financial Industry Regulatory Authority — the US brokerage industry’s main watchdog — is set to adjust rules for monitoring workplaces in the coming weeks. The upcoming changes in the policy might put an end to the remote work for bank traders and dealmakers. Companies would have to bear extra cost and trouble if they would choose to continue work from home policy for their employees after Finra's shifting rules. Firms such as Barclays Plc and Deutsche Bank AG have been sizing up the burden as they weigh changes to their own policies.

In the US, banks are required to monitor staff and facilitate periodic workplace inspections. When Covid-19 broke out, regulators initially eased some of their rules to ensure people could work at home. Some of those accommodations are now poised to sunset.

Bloomberg, citing sources, reported that other companies, in addition to HSBC and Citigroup, are also weighing a five-day office mandate for staff. Last month, Truist Financial Corp. told investment-banking staff that they must work from the office every weekday from June 1. Several other Wall Street banks, including Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group Inc. have already began five-day office commutes across verticals. However, they are still some relaxations for employees.

 

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Published: 24 May 2024, 07:41 AM IST
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