Citigroup confirms hybrid working can continue

Employees at Citigroup can continue to work remotely two days a week, its boss has said, confirming that the bank is embracing hybrid working as a long-term strategy.

Chief executive Jane Fraser told managing directors on a quarterly call that the US bank would stick to its current hybrid working policy, according to a report in the Financial Times.

Her decision goes against that of many other financial services companies, such as JP Morgan, who are now demanding that staff return to the office five days a week.

Others, including Barclays, have increased their in-office requirements from two days a week to three or more.

Although Fraser said current hybrid working arrangements could continue, most traders and branch staff are already at their desks five days a week.

She told staff on the call that flexible working would give the bank a competitive advantage in attracting staff. Workers at Starling Bank, for example, resigned after chief executive Raman Bhatia said they must attend in-person at least 10 days a month.

However, Citigroup does track office attendance, having begun monitoring security pass swipes in August 2023 to ensure workers were in at least three days a week.

In early 2024, the bank announced plans to cut around 10% of its global workforce in a bid to streamline operations.

James Reed, chairman and chief executive of recruitment consultancy Reed, has argued for “flexibility and pragmatism” when it comes to the debate on hybrid working, after research by his company showed 68% believe in-office workers are more likely to advance in their careers.

The arguments for and against in-office working continue to create headlines, with senior business figures such as Lord Alan Sugar and Lord Stuart Rose arguing that home working is damaging the economy, while others claim a more flexible approach is key to attracting and retaining staff.

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