Citi CEO says company is considering offices in Connecticut and New Jersey to beat commuting

Citigroup Chief Executive Jane Fraser says the investment bank may have something in the works to help its employees save time and money as the country faces 8.3% inflation from one year to the next.

“We very much appreciate how expensive it is for all of our people to travel,” Fraser told the House Financial Services Committee Hearing. “We are very mindful of this, in addition to being flexible for working families and giving them more options. Additional facilities and spaces for them to work, whether from home, New Jersey or Connecticut, are certainly things we are actively looking at in the tri-state area.

In the first of two congressional hearings, top U.S. bank CEOs, including Fraser, Jamie Dimon of JPMorgan and Brian Moynihan of Bank of America, were questioned by members of the House Financial Services Committee on a range of topics ranging from trade relations with China and Russia, customer purchases of firearms, consumer health.

Fraser was responding to Rep. Josh Gottheimer (D-NJ), who said he was working with New Jersey lawmakers to create tax incentives for New York businesses to open regional centers in New Jersey, which would allow workers who typically travel to New York then stay and work in New Jersey.

Recently, the the wall street journal reported that Singapore’s sovereign wealth fund GIC is investing in 53 suburban office buildings alongside Workspace Property Trust, a commercial real estate agency based in Boca Raton, Florida. the “new normal” after the pandemic.

“We think the pandemic has really accelerated the shift to suburban offices,” said Thomas Rizk, founder and CEO of Workspace. Log.

Fraser’s comments come as several New York-based employers, like Goldman Sachs and the New York Timeshave told their employees to return to the office in a reversal of remote work policies since the start of the COVID pandemic.

A survey by Partnership for New York City, a nonprofit for business leaders, found that in mid-September, 49% of office workers in Manhattan were currently at work on an average weekday , compared to 38% in April. Additionally, he found that the share of fully remote office workers fell from 28% in April to 16% by mid-September.

Additionally, after Labor Day, office provider WeWork’s average weekly number of key cards across its 700 locations increased 70% from the same time last year.

“September is more like the real return to the office that has been announced for two and a half years now,” said Peter Greenspan, head of real estate at WeWork. Told Bloomberg, adding that “this data, at least for us, indicates that this is a stronger return to the office than previous ones.”

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