Citigroup Requiring 600 Employees To Return to Office Full Time

Citigroup is set to bring 600 of its U.S. employees back to the office full time, signaling a shift in Wall Street’s work culture as regulatory requirements tighten. This move comes as the Financial Industry Regulatory Authority (FINRA), the primary watchdog for U.S. brokerage firms and exchange markets, prepares to reinstate pre-pandemic rules to monitor workplaces effectively. These changes make it challenging for roles like trading to be performed remotely.

Citigroup, the third-largest U.S. lender, highlighted that while most of its workforce will continue with a hybrid model — working at least three days a week in the office and up to two days remotely — specific roles, especially those critical to trading, necessitate a full-time office presence. This return-to-office mandate underscores the bank’s compliance with regulatory expectations and its commitment to maintaining operational integrity.

During the pandemic, regulators had temporarily relaxed stringent requirements, allowing traders the flexibility to work from home. However, with the pandemic’s impact waning, FINRA is rolling back these temporary relief measures. Despite FINRA’s assertion that its new rules provide firms with greater flexibility to allow remote work, Citigroup’s decision reflects a broader trend among Wall Street banks to return to traditional in-office operations.

This shift in work policies is not unique to Citigroup. Other major financial institutions are also adjusting their work arrangements. London-based Barclays has announced that from June 1, its global investment banking staff must work in the office or meet clients in person five days a week. Meanwhile, HSBC is engaging with nearly half of its New York workforce, approximately 530 employees, to discuss how shifting regulations will impact their work arrangements. HSBC aims to retain as much flexibility as possible, allowing employees to log in from home when feasible.

These changes mark a significant transition from the more flexible post-pandemic working policies that many Wall Street firms had adopted. Citigroup, Barclays, and HSBC have been known for their relatively adaptable approaches compared to other financial institutions. However, as regulatory landscapes evolve, these banks are recalibrating their work models to align with the renewed emphasis on in-person oversight and compliance.