For the last two weeks of the year, Citigroup staff can work from anywhere.
In opposition to other bank and financial firms, Citigroup is giving all workers a chance to live flexibly in the final weeks of 2022. This applies to those in in-office and hybrid roles, but they must stay in their country of employment.
Citigroup has already gone against the grain in more ways than one — the company already allows staff to work remotely throughout the week on a permanent basis, but most employees are expected to be in the office at least three days a week.
“There is a lot of value that you get from being together and some more of the spontaneity from that and the collaboration, the apprenticeship,” said Jane Fraser, CEO of Citigroup.
“[Our] junior bankers, they don’t have to be in the office late at night if they’re working on a deal. Once they’ve done the work collaborating together, they can do that at home. We know if they’re doing a good job or not.”
Fraser added that while the majority of traders still work in the office full-time, they have the ability and tools to work from home if need be. For instance, if a parent needs to tend to their child, they can do so without being penalized.
Across the board, financial institutions have been keen on bringing employees back into the office full time, with leaders citing the importance of internships and apprenticeships, as well as security risks with remote work.
However, few firms like Citigroup are experimenting with how to give workers the flexibility they crave, without stifling productivity.
“Working from home in knowledge jobs like banking is new, so everyone is learning from this experiment,” said Lynda Gratton, a management professor at London Business School.