Inside Citigroup's headquarters in Manhattan, executives are trying to solve a problem bedeviling much of Wall Street: How to get employees up elevators.

Once it starts reopening offices around the world, it "will continue to prioritize the safety of our employees, customers and communities," Citigroup President Jane Fraser said.

"One of the advantages is that we can hear from shareholders in faraway places," John Dugan said at Tuesday's annual meeting, which was held entirely online as most of the country remains on lockdown to help stop the spread of the coronavirus.

The two large banks are holding off for a month on collecting on negative balances to ensure that customers receive the full amount of government payments deposited into their accounts.

Quick forbearance actions averted an immediate hit to asset quality, but executives warned that a spike in unemployment and a looming recession will cause long-term problems.

Net income fell 46% in the first quarter as the company added nearly $5 billion to its loss reserves in anticipation of a wave of loan defaults.

Reluctant to cancel what have become pipelines for developing talent, banks are delaying start dates or moving programs entirely online.

The change — effective immediately — will reduce capital demands by about 2% overall, the Fed estimated, and will be open for a 45-day comment period.

Thousands of bankers are set for a reprieve as Citigroup, Wells Fargo and Morgan Stanley joined European lenders in pledging to preserve jobs amid the widespread impact of the coronavirus.

JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic.