The boss of Citigroup has confirmed that employees can work remotely for two days per week. This confirms the bank’s long-term commitment to hybrid working.
Financial Times reported that Chief Executive Jane Fraser informed managing directors during a quarterly conference call that the US Bank would continue to follow its hybrid working policy.
Her decision is in contrast to that of other financial service companies such as JP Morgan who now require staff to return to work five days per week.
Barclays is one of those companies that have increased the number of days they require in office from two to three.
Fraser stated that hybrid working arrangements can continue. However, the majority of traders and branch staff already work five days per week.
She said that the flexible working hours would help the bank to attract staff. Workers at Starling Bank resigned, for instance, after Raman Bhatia, the chief executive, said that they had to attend in person at least 10 times a month.
Citigroup, however, does track attendance in the office. It began monitoring security pass swipes as early as August 2023, to ensure that workers were present at least three times a week.
The bank announced that it would reduce its global workforce by around 10% to streamline operations.
James Reed, the chairman and CEO of recruitment consultancy Reed has argued in favor of “flexibility” and “pragmatism”, in the debate over hybrid working. This comes after research conducted by his firm showed that 68% believed in-office employees are more likely than out-of office workers to progress in their career.
Arguments for and against office work continue to make headlines. Senior business figures like Lord Alan Sugar, and Lady Stuart Rose argue that homeworking is harmful to the economy. Others claim that a flexible approach is crucial to attracting and keeping staff.
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