Citigroup has asked its 600 US employees who can work remotely to return to the office full-time.
This comes as regulatory requirements make it challenging for Wall Street banks to maintain remote work options for certain roles, like trading.
During the pandemic, regulators had relaxed stringent rules, allowing traders to work remotely.
However, the Financial Industry Regulatory Authority (FINRA), the primary regulator for US brokerage firms and exchange markets, is to reinstate pre-pandemic monitoring rules in the coming weeks.
Citigroup stated: “The majority of Citi employees will continue to work on a hybrid schedule, with at least three days per week in the office and up to two days remotely.”
Citigroup, the third-largest US lender, said the hybrid model will still be the norm for most of its workforce.
FINRA responded to banks’ concerns by stating that its new rules offer member firms greater flexibility in allowing eligible registered persons to work from home despite the expiration of temporary COVID-19 relief measures.
Need Career Advice? Get employment skills advice at all levels of your career
Bloomberg News first reported the shift in Citigroup’s work policy, highlighting similar changes at HSBC Holdings and Barclays.
According to a Bloomberg report, London-based Barclays instructed its global investment banking staff to be in the office or meeting clients five days a week starting June 1.
Meanwhile, HSBC is in talks with nearly half of its New York workforce, around 530 employees, regarding changing regulations.
The bank’s head of human resources for the US and Americas said HSBC aims to allow as many employees as possible to continue working from home if they prefer.
