May 24 (Reuters) - Citigroup ( C/PN ) has asked its 600
U.S. employees, who are eligible to work remotely, to return to
office fulltime, it said on Friday as regulatory requirements
make it hard for Wall Street banks to allow offsite work for
roles such as trading.
Regulators had eased some of the stringent requirements to
allow traders the flexibility of remote work during the
pandemic.
But in the coming weeks, the primary watchdog for U.S.
brokerage firms and exchange markets, the Financial Industry
Regulatory Authority (FINRA), is set to bring back pre-pandemic
rules to monitor workplaces.
"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," the third-largest U.S. lender said
in an email statement.
The private securities industry regulator had earlier this
week pushed back against banks, saying its new rules provide
member firms with greater flexibility - not less - to allow
eligible registered persons to work from home, following the
expiration of temporary COVID-19 relief.
Bloomberg News first reported Citi's move along with shifts
in work policies at HSBC Holdings ( HSBC ) and Barclays ( JJCTF )
.
London-based Barclays ( JJCTF ) has mandated that its global
investment banking staff must work in the office or travel to
meet clients five days a week from June 1, the Bloomberg report
said.
Meanwhile, HSBC ( HSBC ) is talking to almost half of its workforce
in New York, around 530 employees, about shifting regulations,
the report said, citing an interview with the bank's head of
human resources for the U.S. and Americas.
The lender is trying to let as many people as possible
retain the option of logging in from home if they would like to,
the report said.
All three firms have had some of the most flexible
post-pandemic working policies compared to their Wall Street
counterparts.