Citi’s hybrid employees — who make up most of the bank’s workforce — can work remotely through Dec. 29, according to an internal memo seen by CNBC.
"This past year has been one of significant change across the firm, and as we approach the end of 2023, we look forward to this special time of year," reads the memo, attributed to the bank’s human resources chief — though, oddly, the executive is not named in the CNBC story.
That wouldn’t be a red flag, except for two things:
1. Longtime observers of the banking space know who Citi’s HR chief is — which raises the question as to whether anonymity was requested, or whether there will be an upcoming change in that department at the bank, because
2. It seems, from the outside, that no one’s job is truly safe.
Citi, of course, is three months into a reorganization that so far has focused on weeding out excess layers of management and consolidating roles whose efforts duplicate one another. The bank has not given an estimate as to how many jobs it is cutting — and trims have been gradual: a few roles in September, followed by roughly 300 senior managers last month — amounting to a 10% cut to the layer that sits two levels below CEO Jane Fraser’s executive management team.
Another round of cuts is expected in January. Citi aims to conclude the right-sizing in March, it has said. Somewhere in there, Citi will shed roughly 100 roles connected to the wind-down of its municipal business, announced last week.
If anything, Citi’s green light for most employees to take the rest of the year away from the office is a solid indicator that there likely won’t be any critical announcements this week regarding progress on the bank’s restructuring, or updates to it.
"We hope that you will enjoy a break from commuting while continuing to stay focused on closing out the year,” reads Citi’s memo, according to CNBC.
The smart money might be that a remote setting could allow some at-risk employees to engage a dual focus in a way they couldn’t in the office: Log onto the work computer and monitor it for anything urgent, then open the personal computer, update the resume, refresh the portfolio and DM a handful of contacts. At the very least, remote workers can do the latter during the time they would typically spend commuting.
It also may give some employees who may be offered early-outs more time to talk over with their families the merits of taking the parachute.
In recent years, when banks have given an all-clear to work remotely over the holiday, it’s been in response to a flare-up in the COVID-19 caseload. As refreshing as it may feel for this year’s office-exit to not be prompted by a health scare, Citi’s announcement carries with it an air of mercy.
