Citi to Split Thousands of NYC Employees in Virus Preparations
Citigroup Inc. will begin splitting up its thousands of New York-based employees to respond to the deadly coronavirus
(Bloomberg) -- Citigroup Inc. will begin splitting up its thousands of New York-based employees on Wednesday as the bank continues to respond to the spread of the deadly coronavirus.
About half of its workforce there will be sent to work from home or from redundancy sites, a person familiar with the matter said. Bank branches will operate as usual, said the person, who asked not to be named because the plans aren’t public.
Where employees will be sent depends on their roles. Staff in the trading division will go to a backup site in Rutherford, New Jersey, and half of those handling back-office functions for the consumer division will work from home. The firm has made similar moves for its business in Asia.
Citigroup is among major banks to begin to split up its workforce to stem the spread of the coronavirus. The firm had already told employees not to travel internationally without approval from top executives. The firm will also waive monthly service fees for retail customers affected by the virus.
Chief Executive Officer Michael Corbat plans to attend a meeting at the White House on Wednesday with bank leaders including Goldman Sachs Group Inc. CEO David Solomon and Wells Fargo & Co.’s Charles Scharf as the outbreak continues to roil markets and the global economy.
To contact the reporter on this story: Jenny Surane in New York at jsurane4@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, David Scheer
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