Citigroup said on Friday it has asked 600 U.S. employees eligible for remote work to return to the office full time because regulatory requirements are making it difficult for the Wall Street bank to allow off-site work for jobs such as trading.
Regulators have relaxed some of their stringent requirements to allow traders more flexibility to work remotely during the pandemic.
But in the coming weeks, the Financial Industry Regulatory Authority (FINRA), the main watchdog for U.S. brokerages and trading markets, is set to reinstate pre-pandemic rules for overseeing the workplace.
“The majority of Citi employees will continue to operate a hybrid work schedule, working in the office at least three days a week and working remotely up to two days,” the third-largest U.S. financial company said in an emailed statement.
Private securities industry regulators pushed back against the banks earlier this week, arguing that the new rules give member firms more flexibility (not less) to allow eligible registrants to work from home after temporary COVID-19 relief measures expire.
Citi’s move was first reported by Bloomberg News. Along with changes to labor policies at HSBC Holdings and Barclays.
Starting June 1, London-based Barclays will require its investment banking staff around the world to work in the office or travel to meet with clients five days a week, Bloomberg reported.
Meanwhile, HSBC is discussing the regulatory changes with almost half of its New York staff, about 530 people, the report said, citing an interview with the bank’s head of human resources for the US and Americas.
The report said the bank was trying to ensure as many people as possible could maintain the option to log in from home if they wished.
These three companies have the most flexible post-pandemic labor policies compared to their Wall Street peers.
