February 22, 2024

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Citigroup employees were told they could work remotely until the new year

Citigroup employees were told they could work remotely until the new year

Jane Fraser, CEO of Citigroup, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.

Wayne McNamee | Getty Images

Citigroup CNBC has told most of its employees that they can work remotely during the last two weeks of December, CNBC has learned.

Workers can log in remotely from anywhere in their work country from Monday to Dec. 29, a Friday, making this week the last in-person experience of the year for many employees, according to people familiar with the situation.

This policy applies to mixed workers, who constitute the majority of the bank’s employees 240,000 Employees, said the people, who asked to remain anonymous talking about the employees.

Unlike last year, when the perks were introduced, employees are concerned about the overall company reorganization undertaken by CEO Jane Fraser, and some have expressed concern about whether their jobs will still exist next year. Citigroup said Fraser’s review of the third-largest U.S. bank by assets will be completed by the end of March.

The project, known internally by its codename Bora Bora, has already led to the departure of executives and Close From the company’s municipal bonds business. Citigroup will disclose severance expenses associated with the project in January and again in April, the bank said.

“The past year has been one of significant change across the company, and as we approach the end of 2023, we look forward to this special time of year,” Citigroup’s human resources chief said last week in a memo to employees announcing the remote policy.

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“We hope you enjoy a break from commuting while continuing to focus on wrapping up the year,” the HR head said.

Read more: Citigroup is considering deep job cuts as part of CEO Jane Fraser’s sweeping reform, called “Project Bora Bora.”