Citigroup is calling vaccinated staff in the U.S. back to the office for at least two days a week starting the week of March 21, according to the New York-based bank’s head of human resources.
“Although COVID-19 may never fully go away, we are seeing promising developments,” Sara Wechter said in a post shared to LinkedIn, citing declining case numbers. “These factors have led Citi to decide to move ahead with return to office efforts at all our remaining U.S. locations.”
Citigroup headquarters in New York, U.S., on Friday, Jan. 7, 2022. Citigroup Inc. was the first major Wall Street bank to impose a strict Covid-19 vaccine mandate: Get a shot or face termination. With its deadline fast approaching, the company is preparing for action.
Victor J. Blue/Bloomberg
Wall Street banks for months have pushed for employees to come back to workplaces emptied by the pandemic. Citigroup Chief Executive Jane Fraser has championed a more flexible approach to work.
The online consumer lender beat revenue expectations in the first quarter, but its net income was dragged down by larger provisions that the company attributed to tariff "uncertainty."
The card processor came up short on expected profits but hit analysts' estimates on revenue in the second quarter of its fiscal 2025. CEO Ryan McInerney said growth in payments volume, cross-border volume and processed transactions were strong even in the face of shaky economic conditions.
At a House subcommittee hearing, Republicans proposed "tailoring" regulations for community banks while Democrats railed against Trump's tariffs and cuts to the Consumer Financial Protection Bureau.
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., and House Financial Services Committee ranking member Maxine Waters, D-Calif., urged the National Credit Union Administration's Inspector general to look into President Trump's removal of two board members.
Rapid deregulation, tariffs and a campaign to dismantle the Consumer Financial Protection Bureau have defined the early days of President Donald Trump's second term for bankers.