Citigroup told most of its employees that they’ll work remotely the ultimate two weeks of December, CNBC has learned.
Staff can log in remotely from anywhere of their country of employment from Monday to Dec. 29, a Friday, making this week the last in-person experience this yr for a lot of staffers, based on individuals with knowledge of the situation.
The policy applies to hybrid employees, which make up the vast majority of the bank’s 240,000 employees, said the people, who declined to be identified.
Unlike last yr, when the perk was introduced, employees are on edge over CEO Jane Fraser’s sweeping corporate reorganization, and a few expressed concern over whether their jobs will still exist next yr. Citigroup has said that Fraser’s review of the third-biggest U.S. bank by assets will likely be complete by the top of March.
The project, known internally by its code name Bora Bora, has already resulted in executive departures and the shuttering of the firm’s municipal bond business. Citigroup will disclose severance expenses tied to the project in January and again in April, the bank has said.
“This past yr has been considered one of significant change across the firm, and as we approach the top of 2023, we stay up for this special time of yr,” Citigroup’s human resources chief said last week in a staff memo announcing the distant policy.
“We hope that you’re going to enjoy a break from commuting while continuing to remain focused on closing out the yr,” the HR chief said.
Read more: Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called ‘Project Bora Bora’
Don’t miss these stories from CNBC PRO:
