According to the report, the rules related to monitoring of offices in America are changing, due to which companies have changed the hybrid work policy. Citigroup has requested its 600 employees to return to the office. All of them are doing remote work for their bank. The decision will also affect 350 employees of HSBC, which is half of its total workforce in an American city. Talking to Bloomberg, the bank’s US HR head Mabel Rees said that the bank is talking to its employees so that they can easily adopt this change.
Riis said that the company’s goal is to move towards full-time office work, but it will also try to provide remote work facilities to as many employees as possible.
The reason behind this decision is the Financial Industry Regulatory Authority of America. It is the main monitoring body for the American brokerage industry and is going to change its rules related to monitoring the workplace in the next few weeks. It is said that if companies provide work from home facility to their employees even after the change in rules, then they may have to face additional costs and other challenges.
In the US, banks have to monitor their employees and the workplace is inspected from time to time. Due to the COVID-19 pandemic, regulators temporarily relaxed the rules so that people could work from home. Now those rules are being abolished.
According to the report, Truist Financial Corp has recently told its investment banking staff that they will have to come to the office every weekday from June 1. Many other banks like Wall Street Bank, Bank of America Corp, JP Morgan and Goldman Sachs have started five-day work in all their offices.