According to the Financial Times, Citigroup is implementing measures to revitalize its struggling wealth management division. The bank is reportedly monitoring private bankers' communications with clients, with each banker now mandated to submit a detailed report for every client call outlining the discussion. Additionally, bankers are encouraged to reach out to each client at least once every 90 days.
This move, as per the Times, indicates Citigroup's efforts to maximize productivity from its workforce, particularly as employees have enjoyed flexible work-from-home arrangements. While Citigroup bankers have previously filed reports for compliance purposes, this new requirement emphasizes performance evaluation.
In a parallel development, Bloomberg reports that Deutsche Bank is tightening its remote work policy, with employees expected to be in the office three or four days a week starting in June, depending on their seniority.
The attorneys at Outside Legal Counsel LLP have experience advising on flexible work arrangements and can help businesses draft such policies. Please reach out to us for a consultation.
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