Jane Frazier, CEO of Citigroup, testifies at a Senate Banking Committee listening to on the Hart Senate Workplace Constructing in Washington, DC, December 6, 2023.
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Citigroup informed most of its workers they’d have the ability to work remotely for the final two weeks of December, CNBC has discovered.
Staff can log in remotely from wherever within the nation of labor from Monday by Friday, Dec. 29, making that week the final in-person assembly of the yr for a lot of workers, in line with folks conversant in the state of affairs.
The coverage applies to hybrid staff, who make up the vast majority of the financial institution’s workforce. 240,000 workers, mentioned the folks, who wished to stay nameless, talking concerning the employees.
Not like final yr, when the profit was launched, workers are alarmed by chief government Jane Fraser’s sweeping company reorganization, with some expressing concern about whether or not their jobs will stay intact subsequent yr. Citigroup mentioned Frazier’s overview of the third-largest U.S. financial institution by property can be accomplished by the tip of March.
The mission, identified domestically beneath the code title Bora Bora, has already led to the resignations of leaders and formwork The agency’s municipal bond enterprise. Citigroup will disclose severance prices associated to the mission in January after which in April, the financial institution mentioned.
“The previous yr has been a yr of great change throughout the corporate, and as we method the tip of 2023, we stay up for this particular time of yr,” Citigroup’s chief human assets officer mentioned final week in a memo asserting the coverage distant entry.
“We hope you get pleasure from taking a break out of your commute whereas persevering with to deal with ending out the yr,” the HR government mentioned.
Learn extra: Citigroup is contemplating vital job cuts as a part of CEO Jane Fraser’s overhaul dubbed “Mission Bora Bora.”