Home Lender report Flexible work gives him an edge over his American rivals

Flexible work gives him an edge over his American rivals


Citigroup Inc. has joined its competitors, including UBS Group AG, in touting its flexible work policies as a tool that will provide a competitive advantage in recruiting and retaining the best employees.

Employees of the lender will have the option to work from home at least part-time, investment bank co-director Manolo Falco said at a virtual press briefing on Wednesday. This will set the bank apart from some US competitors who take a tougher approach to remote working, he said, naming JPMorgan Chase & Co. and Goldman Sachs Group Inc.

Global investment banks broadly fall into two camps when it comes to their approach to flexible work policies. While many in the United States demand that staff return to the office, a growing number of European lenders, including UBS and Deutsche Bank AG, say increased flexibility on a more permanent basis can improve staff morale and possibly give them a hiring advantage. .

Citigroup CEO Jane Fraser said in March, shortly after taking the top job, being in the office is important for the competitiveness, collaboration and mentorship of young employees. But she said the majority of the lender’s roles will still be referred to as hybrid, where workers are in the office at least three days a week and work from home for up to two.

The plan is to open Citigroup’s offices in New York’s Tribeca neighborhood to up to 30% of its staff larger next month. The bank has also shifted gears on its summer internship program in recent weeks, saying it will allow some of them to visit the lender’s New York headquarters in July. He said in March that the 10-week summer program would be completely virtual.

Goldman Sachs policy is more rigid. This forces almost all American employees to report to their desks. JPMorgan, likewise, is asking most of its U.S. employees to start regular working hours on July 6. And Morgan Stanley CEO James Gorman recently issued a wake-up call to employees who were hoping to continue working from home: “If you can go to a restaurant in New York City, you can come to the office, and we want that. you are at the office.

At Bank of America Corp., all vaccinated employees are expected to return to the office after Labor Day in the United States in early September, CEO Brian Moynihan said earlier this month. The US bank will then focus on developing plans to return unvaccinated workers to its sites.

Citigroup’s position is closer to that of many of its counterparts in Europe, where banks have offered more flexibility once pandemic restrictions are lifted. Last month, Societe Generale SA signed an agreement with its national union representatives allowing employees to work from home up to three days a week. Deutsche Bank has unveiled a hybrid model that allows employees to divide their working hours between office and home.

Source link