Citigroup has informed most of its employees that they will be permitted to work remotely during the final two weeks of December.
Employees can work remotely from any location within their country of employment from Monday through December 29, which is a Friday.
This arrangement means that for many staffers, this week will be their last in-person work week of the year, according to sources familiar with the situation.
This policy is applicable to hybrid workers, who represent the majority of the bank’s 240,000 employees, according to these sources, who requested anonymity.
Unlike last year, when this benefit was first introduced, there is increased anxiety among employees due to CEO Jane Fraser’s extensive corporate reorganization.
Concerns have been raised about job security, with employees questioning whether their positions will still exist next year.
Citigroup has indicated that Fraser’s review of the third-largest U.S. bank by assets is expected to be completed by the end of March.
The reorganization project, internally known as Bora Bora, has already led to the departure of several executives and the closure of the firm’s municipal bond business.
Citigroup plans to report severance expenses related to this project in January and again in April.
In a staff memo announcing the remote work policy, Citigroup’s human resources chief stated, “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.”
The HR chief added, “We hope that you will enjoy a break from commuting while continuing to stay focused on closing out the year.”
