Citigroup’s End-of-Year Remote Arrangement Revealed

In an interesting development for the festive season, Citigroup has announced a work-from-home policy for the majority of its employees. This arrangement will span the final two weeks of December, allowing employees to forego the office, trading it for the comfort of their homes.

“This past year has been one of significant change across the firm, and as we approach the end of 2023, we look forward to this special time of year.”

Citigroup’s human resources chief via CNBC

From the 18th to the 29th of December, employees can flexibly log in to work from their home locations within their respective countries. This information has been sourced from insiders who wished to remain anonymous.

This remote-work policy concerns hybrid workers, comprising the lion’s share of Citigroup’s huge workforce of 240,000 employees. Hybrid workers typically split their time between office and remote work, but from now until the end of December, they’ll be able to spend all of their time at home.

However, murmurs of unease resonate within the company. Last year, this end-of-year remote policy was seen as a perk. Now, it comes amidst apprehensions over Citigroup’s future corporate structure, driven by CEO Jane Fraser’s ongoing comprehensive corporate reformation.

Employee anxiety is palpable, with some worried about whether their positions will be intact when the calendar flips to 2024. Citigroup has eased some nerves, assuring that Fraser’s review of the U.S.’s third largest bank (by assets) will be concluded by the end of March next year.

“We hope that you will enjoy a break from commuting while continuing to stay focused on closing out the year.”

Citigroup HR chief via CNBC

Referred internally as “Bora Bora,” this reorganization project has already witnessed executive exits and the closure of the company’s municipal bond business. The financial side effects tied to this restructuring, including severance expenses, will be revealed by Citigroup in January and April of next year.