05.23.24
Citi, HSBC Barclays Ramp Up Demands for Five Days in Office
by: Todd Gillespie, Gillian Tan and Ambereen Choudhury
Citigroup, HSBC and Barclays are ordering more staffers to report to company offices five days a week as regulatory changes make it trickier for Wall Street to allow working from home. Citigroup is requiring about 600 U.S. employees previously eligible to work remotely to commute to company offices full-time, the firm said. Even then, the majority of staff can continue their hybrid schedules, working up to two days a week outside the office, it said. At HSBC, shifting regulations affect about 530 staff in New York, half of its workforce in the city. Barclays will require thousands of investment banking staff globally to spend five days a week in the office or traveling to see clients, beginning from June 1. “Being together in the office drives innovation, collaboration and a stronger culture,” wrote Cathal Deasy and Taylor Wright, the firm’s global co-heads of investment banking.
Read the full article on Bloomberg