February 22, 2024

Jane Fraser, CEO of Citigroup, testifies throughout a Senate Banking Committee listening to on the Hart Senate Workplace Constructing on December 06, 2023 in Washington, DC. 

Win Mcnamee | Getty Pictures

Citigroup advised most of its workers that they will work remotely the ultimate two weeks of December, CNBC has realized.

Staff can log in remotely from wherever of their nation of employment from Monday to Dec. 29, a Friday, making this week the final in-person expertise this yr for a lot of staffers, in response to individuals with information of the scenario.

The coverage applies to hybrid staff, which make up nearly all of the financial institution’s 240,000 workers, mentioned the individuals, who declined to be recognized talking about personnel.

Not like final yr, when the perk was launched, workers are on edge over CEO Jane Fraser‘s sweeping company reorganization, and a few expressed concern over whether or not their jobs will nonetheless exist subsequent yr. Citigroup has mentioned that Fraser’s evaluation of the third greatest U.S. financial institution by property will likely be full by the top of March.

The venture, identified internally by its code title Bora Bora, has already resulted in govt departures and the shuttering of the agency’s municipal bond enterprise. Citigroup will disclose severance bills tied to the venture in January and once more in April, the financial institution has mentioned.

“This previous yr has been considered one of vital change throughout the agency, and as we method the top of 2023, we sit up for this particular time of yr,” Citigroup’s human sources chief mentioned final week in a workers memo asserting the distant coverage.

“We hope that you’ll take pleasure in a break from commuting whereas persevering with to remain centered on closing out the yr,” the HR chief mentioned.

Learn extra: Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, known as ‘Venture Bora Bora’