Citigroup Refuses Full Return To Office Despite Wall Street Pressure

Citigroup CEO Jane Fraser has informed top executives the bank will stick to its hybrid work schedule, the Financial Times reported on Tuesday citing people familiar with the matter.

The bank is deviating from the norm on Wall Street, where many have begun to enforce strict back-to-office mandates. Last month, JPMorgan Chase asked employees on hybrid work schedules to return to the office five days a week starting in March, an internal memo seen by Reuters showed.

Citigroup currently allows a majority of its employees to work remotely up to two days a week. The bank declined to comment on the report.

Fraser’s promise came on a quarterly call with the bank’s managing directors in mid-January, the newspaper reported.

Several business leaders, particularly in the financial industry, have been strong advocates of working from the office, saying it fosters better learning, innovation and culture.

However, critics have cited increasing commuting costs and lack of flexibility among their key concerns.

Fraser believes Citi’s more flexible in-office work requirements give it a competitive advantage, the Financial Times reported.

(Reporting by Pretish M J and Chandni Shah in Bengaluru; Additional reporting by Niket Nishant; Editing by Mrigank Dhaniwala and Krishna Chandra Eluri)