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Citi's Hollenhorst: Here are the economic impacts of a weaker housing market

Citi's Hollenhorst: Here are the economic impacts of a weaker housing market

CNBC27-05-2025

Andrew Hollenhorst, Citi research chief U.S. economist, joins 'Power Lunch' to discuss the economic warning signs the housing market is showing.

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Citi offers hybrid employees 2 weeks of remote work in August
Citi offers hybrid employees 2 weeks of remote work in August

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time3 hours ago

  • Yahoo

Citi offers hybrid employees 2 weeks of remote work in August

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Citi is allowing its hybrid employees to work remotely for two weeks of their choice in August, according to a memo seen Monday by Banking Dive. 'We've selected August because it is traditionally a quieter time for some of our businesses and clients, when many are already out of the office due to vacations,' Sara Wechter, the bank's chief human resources officer, wrote in the memo, first reported by Business Insider. Citi was an early COVID-era pioneer in its devotion to hybrid scheduling – a commitment the bank reaffirmed Monday, calling it an effective tool to attract and retain talent. While Citi has offered a similar two-week remote period to hybrid employees every December, it hasn't given a blanket out-of-office green light in August since 2022. Citi's lean into remote work runs counter to a prevailing industry trend that has seen JPMorgan Chase, BNY and Royal Bank of Canada, so far this year, increase the number of days employees are required to work from the office. JPMorgan in January told employees companywide to return to the office five days a week starting in March. 'We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision,' JPMorgan's operating committee wrote at the time in a memo. 'We think it is the best way to run the company.' BNY called its employees back to the office four days a week starting in September – but with a caveat that the bank did not intend to push the mandate further. 'We have no plans to return to 5 days in office unless circumstances were to demand otherwise,' BNY said in its April memo. RBC, meanwhile, said last month that it wants its employees – at least those not already in the office full time or remote full time – to work from the office four days a week starting in September. That marks only a slight change, though, from the stance the Toronto-based lender took in March 2023, when it gave its hybrid workers the option to work from the office three or four days a week. RBC is not the only Canadian lender to tighten its reins on in-office work. Scotiabank last week said it would require teams that work in locations with 'real estate capacity' to begin coming into the office '4+ days per week' in September, according to an internal memo to Toronto area employees. 'We know having our teams working together in-person has many benefits – greater collaboration, higher engagement, more career development opportunities, and a stronger culture and sense of belonging – and we are already seeing the positive impact this is having across the bank as we focus on executing on our strategy,' Scotiabank spokesperson Clancy Zeifman said in an emailed statement seen by The Globe and Mail. For teams with more limited real estate, the in-office requirement will increase as space becomes available, the bank said. 'We will continue to build on this impact as we bring our teams on-site more often, with the goal of reaching four days onsite across the bank over time,' Zeifman said. The memo wasn't sent to branch workers, who are already working on-site full time. Likewise, Citi's August remote-weeks offer does not apply to branch workers, employees in non-hybrid roles or jobs that require staff to be on-site for regulatory reasons. The bank also specified that employees must work from a location where they have the legal right to do so. Citi chose a common time frame for its August offer because 'having a designated remote work period provides consistency across teams globally to meet our deliverables and client obligations.' 'Whether working in the office or remotely, it is essential that we remain as productive as ever, stay connected, collaborate effectively and deliver on our commitments,' Wechter said in the Citi memo. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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