Barclays will require thousands of investment banking staff globally to spend five days a week in the office or traveling to see clients from June 1.
Citigroup is requiring about 600 US employees to return to the office full-time, while most can still continue their hybrid schedules.
Finra is reinstating pre-pandemic rules for monitoring workplaces which will impact thousands of bank workers.
HSBC is speaking to approximately 530 staff in New York about their options regarding remote work.
Wall Street banks, including Citigroup, Barclays, and HSBC, are requiring hundreds of employees to return to the office full-time due to regulatory changes.
Wall Street banks, including Citigroup, Barclays, and HSBC, are requiring hundreds of employees to return to the office full-time as regulatory changes make it more difficult for them to allow remote work. The Financial Industry Regulatory Authority (Finra) is reinstating pre-pandemic rules for monitoring workplaces, which will impact thousands of bank workers.
Citigroup is requiring about 600 US employees, who were previously eligible to work remotely, to return to the office full-time. The New York-based firm said in a statement that most staff can still continue their hybrid schedules.
HSBC is speaking to approximately 530 staff in New York about their options regarding remote work. The bank's head of human resources for the US and Americas, Mabel Rius, told Bloomberg that the lender is trying to let as many people as possible retain the option of logging in from home if they would like to.
Barclays will require thousands of investment banking staff globally to spend five days a week in the office or traveling to see clients. The London-based bank has mandated that its global investment banking staff must work in the office or travel to meet clients five days a week from June 1.
Finra's updated rules could mean the end of remote work for many bank traders and some other dealmakers, as bosses grapple with whether remote work under Finra's framework is worth the trouble or cost. The changes come as some of Wall Street's most prominent players have been ramping up demands for employees to come into the office full-time.
FINRA is moving back to its pre-pandemic requirements for monitoring workplaces, meaning some home offices will have to be registered and remotely inspected at least every three years under a new pilot program.
Accuracy
FINRA is moving back to its pre-pandemic requirements for monitoring workplaces.
Citigroup, Barclays, and HSBC are bringing thousands of their employees back to the office five days a week.
New FINRA rules are set to come into effect in the coming weeks and months.
Deception
(80%)
The article reports on banks bringing employees back to the office five days a week due to new regulations from FINRA. The author does not make any editorializing or pontification statements, and there is no emotional manipulation or sensationalism in the article. However, there are instances of selective reporting as the author only reports on three specific banks (Citigroup, Barclays, and HSBC) bringing employees back to the office five days a week without mentioning other banks that may also be complying with the regulations. Additionally, there is no disclosure of sources in the article.
And JPMorgan Chase CEO Jamie Dimon, perhaps the best-known CEO on Wall Street, has long been critical of remote work.
Some of the banks that had been most flexible with their work from home policies, including Citigroup, Barclays, and HSBC, have decided complying with the renewed rules isn’t worth the effort.
During the pandemic, brokerage industry watchdog the Financial Industry Regulatory Authority (FINRA), suspended rules on workplace inspections to make it easier for banks to allow their employees to work from home.
Fallacies
(85%)
The article contains an appeal to authority and a false claim. The appeal to authority comes from citing the Financial Industry Regulatory Authority (FINRA) as the reason for banks bringing employees back to the office five days a week, without providing evidence that FINRA explicitly requires this. The false claim is that FINRA is blaming for stricter work from home policies by banks in its recent statement, when in fact FINRA denies this accusation within the text. These issues lower the score but do not reach the threshold for a score below 85.
Citigroup, Barclays, and HSBC are bringing thousands of their workers back to the office five days a week because complying with renewed rules isn't worth the effort.
Citi will require roughly 600 U.S. employees to work full-time from a Citi office location.
Barclays is requiring thousands of its investment banking staff around the world to work from the office full-time.
HSBC’s head of human resources Mabel Rius said that changing policies will impact roughly half of HSBC’s New York employees.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(30%)
The author uses emotional manipulation by implying that the remote work days of the COVID-19 pandemic are a 'distant memory' and that employees are being 'called back to their offices full-time'. The author also uses sensationalism by stating that 'more big banks' are doing this, without specifying an exact number. Additionally, the author selectively reports information by only mentioning the banks that are requiring employees to work full-time in the office and ignoring those that are maintaining hybrid policies.
With the remote work days of the COVID-19 pandemic seeming like a distant memory,
The changes come as new Financial Industry Regulatory Authority (FINRA) rules are set to come into effect in the coming weeks and months.
The new policy will go into effect on June 1.
Fallacies
(90%)
The author makes an appeal to authority by stating that FINRA's new rules will require member firms to bring employees back to the office full-time, but FINRA denies this statement. The author also uses inflammatory rhetoric by referring to remote work as an 'aberration'.
“This is incorrect.” - FINRA on the notion that its new rules will require member firms to bring their workforce back to the office full time.
“It's an aberration that we are going to correct as quickly as possible.” - Goldman Sachs CEO David Solomon
Citigroup is requiring about 600 US employees to commute to the office full-time.
HSBC Holdings PLC is speaking to approximately 530 staff in New York about their options due to updated regulations.
Accuracy
FINRA, the US brokerage industry's main watchdog, is reinstating pre-pandemic rules for monitoring workplaces which are expected to go into effect soon.
Citigroup requires about 600 US employees to commute to company offices full-time.
HSBC is speaking to approximately 530 staff in New York about their options regarding remote work.
Barclays will require thousands of investment banking staff globally to spend five days a week in the office or traveling to see clients.
Accuracy
FINRA is moving back to its pre-pandemic requirements for monitoring workplaces, meaning some home offices will have to be registered and remotely inspected at least every three years under a new pilot program.
Citi pointed to the end of FINRA’s COVID-related relief as the reason it’s calling workers back. Barclays also said its return-to-office push coincides with FINRA’s new regulatory policies.
