(Bloomberg) -- Citigroup Inc., HSBC Holdings Plc and Barclays Plc are ordering more staffers to report to company offices five days a week as regulatory...
-- Citigroup Inc., HSBC Holdings Plc and Barclays Plc are ordering more staffers to report to company offices five days a week as regulatory changes make it trickier for Wall Street to allow working from home.Nvidia Stock Surges as Sales Forecast Delivers on AI Hopes
“Being together in the office drives innovation, collaboration and a stronger culture,” wrote Cathal Deasy and Taylor Wright, the firm’s global co-heads of investment banking. “We remain committed to flexible working and we recognize that there will be times when you will need to work from home,” they said, adding that group heads have discretion to allow occasional flexible working where needed.
With some bosses blaming Finra’s rules for a new slew of five-day office mandates, regulators have shot back, saying that, if anything, they’re trying to allow greater flexibility — not less.The tension stems from US requirements that banks monitor staff and facilitate periodic workplace inspections. When Covid-19 broke out, regulators initially eased some of their rules to ensure people could work at home. Some of those accommodations are now poised to sunset.
Firms may ultimately reach different conclusions. Other banks have been weighing a five-day office mandate for some staff, people with knowledge of the matter said earlier this week.
Barclays Plc Bloomberg Wall Street Regulatory Changes Flexible Working Financial Industry Regulatory Authority Mabel Rius
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