Citi Challenges Wall Street Norms With 2 Weeks Remote Work in August

Citi CEO Jane Fraser is doubling down on work from home at a time when more companies — from Wall Street to Silicon Valley — are demanding employees return to the office five days a week.

Citigroup on Monday announced two weeks of fully remote work in August for its hybrid employees, the majority of whom are required to be in the office at least three days a week.

In a memo to employees on Monday, Citi’s chief human resources officer, Sara Wechter, said the perk is a testament to the success of the bank’s hybrid approach.

“Our hybrid work model helps us attract and retain top talent and sets us apart from other companies in our industry — and we remain committed to this model,” the memo said.

The policy does not apply to employees in non-hybrid roles — such as bank branch workers or jobs that require workers to be on-site for regulatory reasons. Employees taking up the offer must also choose work from a location where they have the legal right to work, meaning this is not a “work from anywhere” program.

The bank, which employs 230,000 people around the globe, rolled out its hybrid work model following the coronavirus pandemic. Since then, banks like JPMorgan Chase have reversed their hybrid work policies, demanding that employees from front- and back-office roles return to their desks five days a week.

Citi has offered a similar two-week remote work option in December every year since 2022, but the last time it offered this perk during the summer was in August of 2022.

Fraser and her executive team have long framed hybrid work as a competitive advantage for luring talent. The 57-year-old CEO has even shared her own story about flexibile work, saying it enabled her to remain in the workforce as a mom while also serving as a partner at the consulting firm McKinsey in the early 2000s.

JPMorgan Chase has mandated five days in the office, a move that’s helped fuel the rise of a nascent union drive. Goldman Sachs, one of the first Wall Street banks to insist its employees return to the office Monday through Friday, has also fortified its five-day office policy, with executives saying it’s central to the company’s culture of mentorship and togetherness.

See the full memo sent by Citi CHRO Sara Wechter below.

Message from Sara Wechter

Colleagues,

At Citi, we recognize that the nature of work is ever evolving, and we strive every day to shape a work environment where our colleagues can thrive. In particular, our hybrid work model helps us attract and retain top talent and sets us apart from other companies in our industry — and we remain committed to this model.

Because we know how much you value the opportunity for flexibility, we are pleased to share that colleagues in hybrid roles will have the opportunity to work fully remotely for two weeks of your choosing in August.

We’ve selected August because it is traditionally a quieter time for some of our businesses and clients, when many are already out of the office due to vacations. While we recognize this is not the case across the entire business, having a designated remote work period provides consistency across teams globally to meet our deliverables and client obligations.

Whether working in the office or remotely, it is essential that we remain as productive as ever, stay connected, collaborate effectively and deliver on our commitments.

For further details and answers to common questions about this remote work opportunity, please refer to our FAQs.

Thank you for your hard work and commitment to Citi.

Sara Wechter
Chief Human Resources Officer