Citigroup CEO Jane Fraser testifies during a Senate Banking Committee hearing in the Hart Senate Office Building on December 6, 2023 in Washington, DC.
Win Mcnamee | Getty Images
Citigroup told most of its employees that they can work remotely during the last two weeks of December, CNBC has learned.
Workers can log in remotely from anywhere in their country of employment from Monday to December 29, a Friday. That makes this week the last in-person experience of the year for many employees, say people familiar with the situation.
The policy applies to hybrid workers, who make up the majority of the bank’s 240,000 employees, said the people, who declined to be named because of the staff.
Unlike last year when the perk was introduced, employees are angry about CEO Jane Fraser’s major corporate restructuring, and some have expressed concerns about whether their jobs will still exist next year. Citigroup has said Fraser’s review of the third-largest U.S. bank by assets will be completed by the end of March.
The project, known internally as Bora Bora, has already led to the departure of executives and the closure of the company’s municipal bond business. Citigroup will disclose severance costs associated with the project in January and again in April, the bank said.
“The past year has been marked by significant change across the company, and as we approach the end of 2023, we look forward to this special time of year,” Citigroup’s human resources chief said in an employee note last week announcing the Remote policy announced.
“We hope you can enjoy a break from the commute and continue to focus on the end of the year,” said the human resources manager.
Read more: Citigroup Considers Deep Job Cuts for CEO Jane Fraser’s Makeover, Dubbed ‘Project Bora Bora’
Originally posted 2023-12-15 18:12:13.