Citigroup employees, on edge over layoffs

Citigroup told most of its employees that they can work remotely the final two weeks of December, CNBC has learned.

Workers can log in remotely from anywhere in their country of employment from Monday to Dec. 29, a Friday, making this week the last in-person experience this year for many staffers, according to people with knowledge of the situation.

The policy applies to hybrid workers, which make up the majority of the bank’s 240,000 employees, said the people, who declined to be identified.

Unlike last year, when the perk was introduced, employees are on edge over CEO Jane Fraser’s sweeping corporate reorganization, and some expressed concern over whether their jobs will still exist next year. Citigroup has said that Fraser’s review of the third-biggest U.S. bank by assets will be complete by the end of March.

The project, known internally by its code name Bora Bora, has already resulted in executive departures and the shuttering of the firm’s municipal bond business. Citigroup will disclose severance expenses tied to the project in January and again in April, the bank has said.

“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,” Citigroup’s human resources chief said last week in a staff memo announcing the remote policy.

“We hope that you will enjoy a break from commuting while continuing to stay focused on closing out the year,” the HR chief said.

Read more: Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called ‘Project Bora Bora’

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— Reports /TrainViral/