Citigroup CEO Jane Fraser said Wednesday that the investment bank is considering opening offices in Connecticut or New Jersey to help employees save time and money on their commutes, Fortune magazine reported.
Fraser made the remark during a House Financial Services Committee hearing, where she was joined by the CEOs of several major U.S. banks who were questioned by members of the committee regarding dealings with China and Russia, among other matters.
Fraser said the New York City-based company is “actively” looking at opening hubs in the Tri-State area, as the country contends with 8.3% year-over-year inflation.
“We very much appreciate how expensive it is getting for all our people to commute,” Fraser told the committee. “We’re very mindful around that, as well as being flexible for working families, and providing them more options. Additional facilities and spaces for them to work, either at home or in New Jersey or Connecticut, are certainly things we’ve been looking at actively in the Tri-State area.”
Fraser was responding to U.S. Rep. Josh Gottheimer, D-N.J., who said he’s working with New Jersey’s legislators to create tax incentives for New York businesses to open regional hubs in New Jersey, according to Fortune.
Citigroup, formed by the merger of banking giant Citicorp and Travelers Group in 1998, has more than 200,000 employees and $2.29 trillion in assets.
