Some of Wall Streets’ most prominent players are ramping up demands for employees to come into the office as regulatory rules make it trickier for Wall Street workers to work from home, Bloomberg reports.
New York-based Citigroup is requiring about 600 US employees previously eligible to work remotely to commute to company offices full-time, the firm said in a statement Thursday. Still, a majority of staff can continue their hybrid schedules.
HSBC Holdings PLC executives say shifting regulations impact about 530 staff in New York—roughly half of its workforce in the city—and the bank is speaking to them about their options.
The changes are in response to the Financial Industry Regulatory Authority—the US brokerage industry’s main watchdog—reinstatement of pre-pandemic rules for monitoring workplaces, which are expected to go into effect in coming weeks.
The updated rules could mean the end of remote work for many bank traders and some other dealmakers, as bosses grapple whether remote work under Finra’s framework is worth the trouble or cost.
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