Citigroup Announces Remote Work for Employees During Last Two Weeks of December
In a move that aims to provide flexibility and support for its employees, Citigroup has informed the majority of its 240,000 workers that they will be able to work remotely during the last two weeks of December. This decision comes as CEO Jane Fraser testifies during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.
This policy, which applies to the bank’s hybrid workers, allows employees to work from anywhere in their country of employment from Monday to Dec. 29, making this week the last in-person experience for many staffers this year. The move contrasts with last year, when the option for remote work during the holiday season was introduced.
However, this year’s announcement comes at a time of uncertainty for Citigroup employees, as CEO Jane Fraser has been undertaking a corporate reorganization known internally as “Bora Bora.” This has already resulted in executive departures and the closure of the firm’s municipal bond business. The bank has indicated that severance expenses related to the project will be disclosed in January and April of next year.
Despite the apprehension among some employees regarding the ongoing corporate reorganization and their job security, Citigroup’s human resources chief expressed the hope that the remote work policy for the final weeks of December will provide an opportunity for employees to enjoy a break from commuting while continuing to stay focused on closing out the year.
As Citigroup continues to undergo significant changes, including the remote work policy during the holiday season, all eyes are on CEO Jane Fraser’s corporate reorganization and its potential impact on the future of the third biggest U.S. bank by assets.