Voo Stock – Citadel Sees Most U.S. Staff Returning to the Office by June 1
Ken Griffin’s Citadel expects to have most of its U.S. employees back in its offices in New York, Chicago and Greenwich, Connecticut, by June 1, according to a person familiar with the matter.
The $38 billion hedge fund, Citadel, and market-maker Citadel Securities anticipate that regular in-office operations in those locales will resume by that date, said the person, who asked not to be identified. Operations in Texas, meanwhile, will get back to normal in mid-May.
Citadel’s expectation for workers’ return is earlier than some of its hedge fund peers, with many employees expressing an eagerness to get back to their desks. Bridgewater Associates and Two Sigma Investments plan to have employees back in offices in September while still allowing them to work remotely a few days a week.
Major financial firms are stepping up efforts to bring workers back as Covid-19 vaccines become more broadly available and in-person schooling resumes. Goldman Sachs Group Inc. plans to tell staff they should be prepared to work from offices by mid-June, and JPMorgan Chase & Co. told employees to expect a return in early July.
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While vaccinations aren’t mandatory at Citadel, the vast majority of returning employees will have them by the start of next month, the person said. Options for working remotely will be the same as they were before the pandemic at the firm, which has long placed importance on face-to-face collaboration.
“We look forward to resuming operations in our U.S. offices,” a spokeswoman for Chicago-based Citadel said in an emailed statement, “affording us the valuable opportunity to collaborate and innovate in person as a team.”
Read more: Goldman Readies June Return to Office While Vanguard Goes Hybrid
When Citadel began allowing staff to return last June, it was among the hedge fund industry’s earliest firms to do so. It provided on-site Covid-19 testing and reimbursement for car services and other commuting options. Those arrangements are expected to continue for now.