Citi will be next to announce a 5 day RTO model. Almost certain the announcement will happen by July.
17 replies (most recent on top)
@a5 "told you so" to a rumor - really taking the lap early there, champ
@a8 They will just lay more people off at those sites
RTO is about real estate, not people. Since the pandemic, commercial real estate isn't worth the loans behind them. Empty real estate has almost zero value and to mitigate the risk of default commercial loans, loss tax revenue and local economy from people eating lunch, parking, gas etc, the pressure is on from federal and local governments to fill buildings. Citi just built a new building in Charlotte with help from the state in the form of grants. Million in grants to Citi if they keep the building filled. And the NC governor can claim he added x millions to the tax base in new jobs. We all know it's BS. But that is why the sheep are being herded back to the corral.
Will they pay for increased gas prices
Citi has had two fantastic quarters in a row and are poised for another fantastic quarter and will reward employees by forcing them to work 5 days a week in the office?
@db Any company with half a Br@!n (NOT Citi) knows that the first employees to quit are the ones with in-demand skills and knowledge and can land jobs easier than Citi's mostly low calibre employees.
Probably less than 5% of Citi's employee population are of the same calibre as GS' and JPMC's employees.
As another poster said on this forum, you're only as good as your employees. And if the company's top 5% to 10% quit because of RTO, low pay, low or zero salary increases, bad policies, bad managers, etc., the company ends up like Citi with an endless cycle of financial, technological and operational problems, and an endless cycle of Consent Orders, No Subject matter experts, employees with No or minimal historical or institutional knowledge, etc.. Lather, Rinse, Repeat. The cycle continues until......bankruptcy.
We've watched this movie before when some of the behemoth financial institutions No longer exist because they filed for bankruptcy or were acquired / merged by a bigger Fish. And there's always a bigger Fish.
big earnings beat.
this was my point earlier on people strategy. I don't think Jane is going to F with this.. for now...
You are correct, its about running people off so as to not have to pay severance and it will work. People will leave for the first job they run across for equal pay and maybe even less for a gig that allows some work from home. The st@pid part where Citi really shines is that no one is taking measures to ensure your good people, the heavy hitters want to stay instead of leaving.
Those that weather the storm, I also feel sorry for as they will be hammered so freaking hard with increased workload and shortened deadlines. For them, there will be no work life balance at all and Citi is ok with that as it means they will be getting more than their money’s worth out of you. So let’s put a check in that tic box.
@a8 that’s why we will be less people. The point is alienating as many as possible to increase attrition.
Do they want to be perceived as concerned about the environment or are they only interested in control?
The top recommendation by the IEA International Energy Agency recently:
Immediate actions to reduce demand:
- Work from home where possible
Displaces oil use from commuting, particularly where jobs are suitable for remote work.
The formula for me is simple. The days I go into the office, Citi will ONLY get 8 hours of work out of me, no more than that. The days I work from home, Citi will get more.
If they want me to go into the office 5 days per week, no worries. Works for me. Citi will get a whopping 40 hours from me……only.
Eventually, all banks will go to 5 day RTO - this fate was known the moment the ringleader JPMC set it up. The rest were always bound to follow sooner or later. Bank of America is going 4 days (eventually 5 days), I believe so are rumours about BNY. US Bank is already 4-5 days.
It's only a matter of time, though specifically for Citi not sure how Tampa will handle it. I've heard there are space issues there already with just 3 days RTO. I know there are space issues in NY/NJ too.
@OP quantify that claim.
And make us sit where? On Jane’s lap?
I could see this as a way of forced attrition but let’s see. It would be an about face for Jane in her people strategy.
And the investment community is buying what she is selling so why make a change now?
It would be high risk / low reward and more signal externally that we are at risk of hitting medium term targets
So..I could see it…but I’m..skeptical
Only at sites that can accommodate it. many sites have downsized and are over-subscribed so they can't handle everyone coming in on the same day.
Told you so