The rule affects staff in the compliance and risk functions.
Credit Suisse announced a 'Maximum Flexibility' remote work model only recently.
However, a new company rule states that employees can work overseas only in exceptional circumstances and no more than 10 days!
Employees are clearly unhappy and have voiced their opinions against the new policy.
Hi Rebecca, that doesn't surprise me at all. I actually wrote an article last week on the biggest risk which is permanent establishment:
Permanent Establishment: Why Your Boss Says No To Work From Anywhere
Plus with the banks, there are a number of additional regulatory barriers which make it very difficult for them to allow people in risk functions to go abroad for very long.
It is how it is, but this will definitely make working for these banks less attractive if a candidate has an option to work for another company which does allow work from anywhere.
Remote Work Experience
I have worked remotely for 5 years, including with my own start-up CultureMee. I was co-founder of CultureMee with my wife Dee, and we travelled around the world with our daughter Rosa. She's 4 now and has travelled to 23 countries already! I then spent time working remotely with clients in the US, UAE, UK, Singapore and mainland Europe on Toptal. Then early in 2021, I came up with the idea for The Work From Anywhere Team and have continued to work remotely for this business.