Citigroup’s Chief Executive, Jane Fraser, has confirmed the bank’s commitment to a hybrid work model, with most employees continuing to work remotely up to two days a week.
This decision sets Citigroup apart from several other major Wall Street banks, which have moved to end remote working.
Citigroup’s Hybrid Work Approach
Citigroup, which employs around 229,000 people worldwide, has embraced a hybrid working model since March 2021, when Fraser became the first woman to lead a major Wall Street bank.
Under this model:
- Most employees work three days in the office and two days remotely.
- Staff in roles like trading or branch operations are required to be in the office five days a week.
This policy contrasts with other financial institutions that have been scaling back remote work.
A Major Shift on Wall Street
Citigroup’s hybrid policy is rare among large US banks. Many have insisted that employees return to the office full-time, following the shift to remote work during the COVID-19 pandemic.
Key announcements include:
- JPMorgan Chase: Staff will return to the office five days a week starting in March 2025.
- Barclays: Recently changed its policy to require three days in the office each week, up from two.
The trend is also seen across industries.
Amazon demanded its employees return full-time to the office starting in January 2025. Amazon CEO Andy Jassy emphasized that being together in the office is essential for collaboration and long-term success.
Citigroup’s Competitive Advantage
Fraser believes Citigroup’s flexible work arrangements provide a significant edge in attracting top talent. The bank’s approach focuses on work-life balance while still ensuring that employees are meeting performance expectations.
To ensure compliance with its hybrid schedule:
- Citigroup has increased monitoring of employee attendance, including tracking office access via security passes.
- The bank’s global headquarters in Canary Wharf, London, is undergoing a £1 billion renovation, emphasizing its commitment to maintaining office spaces.
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The Future of Hybrid Work
Despite the growing pressure from competitors to return to the office full-time, Citigroup’s hybrid model remains a strategic advantage in attracting skilled professionals who value flexibility.
Whether this model will continue to work in the long term, or if it will be adjusted in response to changing corporate priorities, remains to be seen.
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Shaping the Future of Work
As Wall Street grapples with the evolving dynamics of remote versus in-office work, Citigroup’s stance may spark a broader conversation about how companies can balance flexibility with productivity.
For now, the bank appears to have struck a successful balance, which may inspire other firms to rethink their approach to the office.
