More and more banks are ordering employees back into the office close to five days a week, due to new regulations that crack down on supervising work at home.
💼 Citigroup is requiring around 600 US employees that were previously eligible to work remotely to commute to the office full time
🧑⚖️ At HSBC, shifting regulations affect about 530 staff in New York – roughly half of its workforce in the city – and the bank is speaking to them about their options
🧑💻 From 1st June, Barclays will require thousands of investment banking staff globally to spend five days a week either in the office or traveling to see clients
The changes come as the Financial Industry Regulatory Authority (FINRA) – the US brokerage industry’s main watchdog – is set to reinstate pre-pandemic rules for monitoring workplaces in the next couple of weeks.
A lot of bosses have decided that allowing working from home isn’t worth the trouble or the cost. But FINRA has shot back, saying that, if anything, they’re trying to allow greater flexibility – not less.
Either way, a lot of banks are choosing to take the path of least resistance and deciding it’s the time to bring employees back to the office full time.
Will the mandates backfire? We guess we’ll have to wait and see…