Citi evacuates offices in the Middle East after Iran threatens to target banks

• Citigroup is among US firms warning staff to evacuate or stay in safe locations in the Middle East.
• The firm has turned to a “fully remote model” as the crisis in the Middle East continues.
• On Wednesday, reports suggested Iran could strike regional banks and financial targets.

Citigroup evacuated three of its buildings in the United Arab Emirates on Wednesday, as the crisis in the Middle East is prompting US banks to issue updated security guidance to employees.

Representatives for Citi confirmed to Business Insider on Wednesday afternoon that the company implemented a “fully remote model” as it assesses the situation in the UAE, which is separated from Iran by only the narrow Strait of Hormuz.

The bank had previously instructed employees to work from home.”The vast majority of our people in the UAE have been working remotely, and we have now moved to a fully remote model for all UAE-based colleagues,” representatives said. “We are continuing to serve our clients without interruption. The decision to evacuate three of our buildings in the UAE was responsive to information we received and is consistent with our commitment to prioritize the safety of our colleagues. All colleagues are accounted for and are safe,” the representatives added.

The move comes after Iranian military leaders warned on Wednesday that they would attack banks and financial institutions in the region, according to reports in the Associated Press, Reuters, and Al Jazeera, following US strikes on the country that began in late February and resulted in the death of longtime Supreme Leader Ali Khamenei.

Some of the UAE’s major cities, like Dubai and Abu Dhabi, are key regional industrial and financial centers.

Other financial firms are monitoring the situation closely as well. A person with close knowledge of the policies at the Wall Street giant Goldman Sachs said the firm’s main priority was employee safety and that it had instructed all its teams, regionally, to work from home and adhere to local guidance.