Work from home has been all the buzz in the industry since its inception from the COVID-19 days. However, firms are now asking their employees to return to the in-office setting, going back to the previous times.
In a recent development building up on the above context, Citigroup Inc. and HSBC Holdings Plc are calling more U.S. employees back to the office full-time. This is a shift from the previous hybrid work policy that the employees were doing. The two firms, recognized for their flexible work culture on Wall Street, are altering their policy just weeks before the Financial Industry Regulatory Authority’s new rules for workplace monitoring take effect.
Citigroup’s Directive for 600 Employees
Citigroup is requesting that 600 of its employees return to the office full-time, Bloomberg reported, citing a statement from the New York-based firm on Thursday. These employees were previously eligible to work remotely for the bank.
530 HSBC Employees Affected
HSBC’s shifting regulations are expected to impact nearly 350 employees, almost half of the bank’s workforce in the city. In an interview with Bloomberg, Mabel Rius, head of human resources for the US and Americas, stated that the bank is consulting with its employees to explore their options for a smoother transition.
While the company aims to shift towards full-time office work, it also strives to provide as many employees as possible with the flexibility to continue working remotely, Rius explained. HSBC’s regional leader mentioned that implementing a universal five-day office mandate for all staff is improbable.
The Remote Work Policy Is Coming To An End.
The changes are happening as the Financial Industry Regulatory Authority, which is the main watchdog for the US brokerage industry, is getting ready to update its rules for monitoring workplaces in the next few weeks. These upcoming policy changes might mean the end of remote work for bank traders and dealmakers. If companies choose to continue their work-from-home policies after Finra’s rules change, they could face additional costs and challenges. Barclays Plc and Deutsche Bank AG are among the firms considering these factors as they decide whether to adjust their own policies.
In the US, banks must monitor their staff and conduct periodic workplace inspections. At the start of the Covid-19 pandemic, regulators temporarily relaxed some rules to allow people to work from home. However, some of these accommodations are now set to expire.
According to Bloomberg’s sources, additional companies, besides HSBC and Citigroup, are considering implementing a five-day office mandate for their staff. Truist Financial Corp. recently informed investment banking staff that they must work from the office every weekday starting June 1st. Several other Wall Street banks, such as Bank of America Corp., JPMorgan Chase & Co., and Goldman Sachs Group Inc., have already initiated five-day office schedules across various departments. However, there are still some accommodations in place for employees.
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