Citi asks 600 staffers to return to office full-time as Wall Street reinstates pre-pandemic rules
Wall Street Ends WFH: Is It Back to the Grind?
Citigroup has instructed 600 of its U.S. employees, previously eligible for remote work, to return to the office full-time due to regulatory demands, particularly from FINRA, which is reinstating pre-pandemic rules. While Citi moves to full-time office work for some, the majority of its staff will continue on a hybrid schedule. Meanwhile, other banks like Barclays and HSBC are also adjusting their work policies, with Barclays requiring full-time office presence for its investment bankers from June 1, and HSBC discussing flexible work options with its employees in New York.
Which regulatory body is responsible for overseeing US brokerage firms and exchange markets, and what changes are they implementing in the coming weeks?
The Financial Industry Regulatory Authority (FINRA) is the primary regulatory body responsible for overseeing U.S. brokerage firms and exchange markets. In the coming weeks, FINRA is set to reinstate pre-pandemic rules to monitor workplaces. This move marks a shift from the temporary relaxations allowed during the COVID-19 pandemic, which had eased some stringent requirements and permitted traders more flexibility to work remotely.
How does the flexibility of the post-pandemic working policies of Citigroup, HSBC, and Barclays compare to other Wall Street firms?
The post-pandemic working policies of Citigroup, HSBC, and Barclays have been relatively more flexible compared to other Wall Street firms. Citigroup has implemented a hybrid work schedule where the majority of its employees are expected to be in the office for at least three days per week, with the option to work remotely for up to two days5. This reflects a balance between onsite and remote work, providing employees with a degree of flexibility.
HSBC is also showing flexibility by engaging in discussions with a significant portion of its workforce in New York—about 530 employees—regarding the possibility of continuing to work from home. This indicates that HSBC is considering maintaining some level of remote work options for its employees.
On the other hand, Barclays appears to be taking a stricter approach by requiring its global investment banking staff to work in the office or travel to meet clients five days a week starting from June 1. This policy is less flexible compared to the hybrid models adopted by Citigroup and HSBC.
Overall, while Citigroup and HSBC are incorporating more flexible working arrangements post-pandemic, Barclays is adopting a more traditional approach, requiring more in-office presence. This comparison highlights a spectrum of flexibility in work policies among these major financial institutions6.