Citi CEO says company is looking at Connecticut and New Jersey offices to beat commuter route

Citigroup CEO Jane Fraser said the investment bank could have a number of activities in place to help its employees save time and money as the country deals with 8.3 percent inflation same period last year.

Fraser said Wednesday at House Financial Services Committee hearing. “We take that very seriously, as well as being flexible for working families and giving them more options. Additional facilities and spaces for them to work, at home or in New Jersey or Connecticut, are definitely things we’re actively looking at in the Tri-State area. ”

At the first of two congressional hearings, major US bank CEOs — including Fraser, JPMorgan’s Jamie Dimon, and Bank of America’s Brian Moynihan — were questioned by members of the bank. House Financial Services Committee on a wide range of topics from business dealings with China and Russia, to customer purchases of weapons, to consumer health.

Fraser responded to Representative Josh Gottheimer (D-NJ), who said he is working with New Jersey lawmakers to create tax incentives for New York businesses opening regional centers in the United States. New Jersey — this will allow workers who normally go to New York to stay and work in New Jersey.

Recently, The Wall Street Journal report that Singapore sovereign wealth fund GIC is investing in 53 suburban office buildings with Workspace Property Trust, a commercial real estate agency based in Boca Raton, Fla. — at least a belief that suburban offices will be a larger part of the post-pandemic “new normal.”

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

Fraser’s comments reach many New York-based employers, such as Goldman Sachs and The New York Timesasked 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 membership organization for business leaders, found that, as of mid-September, 49% of Manhattan office workers are currently at work on weekends. weekday, up from 38% in April. Additionally, it found that the percentage of office workers working entirely remotely fell from 28% in April to 16% in mid-September.

In addition, after Labor Day, office provider WeWork’s average weekly swipes at 700 of its locations increased 70% from the same time last year.

“September feels like the real return to the office that has been touted for two and a half years,” WeWork head of real estate Peter Greenspan said. told Bloomberg, added, “This data, at least for us, suggests that this is a stronger return to the office than previous ones.”

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