Citigroup CEO Jane Fraser calls for friday no zoom –

Citigroup CEO Jane Fraser calls for friday no zoom

Citigroup CEO Jane Fraser told staff she is banning internal video calls on Fridays, encouraging staff to set limits for a healthier work-life balance, and instituting a company-wide holiday called Citi Reset Day. as pandemic fatigue affects employees.

Fraser, who replaced his predecessor Mike Corbat this month, briefed staff on the changes in a memo sent Monday afternoon to his 210,000 employees worldwide, according to a person with knowledge of the matter.

The blurring of the lines between home and work and the relentlessness of the pandemic workday have affected our well-being, “Fraser said in the memo.” It just isn’t sustainable. With many of us still having a few months to go back to normal, we need to reestablish some of our work practices. “

The Citigroup memo was sent the day after Goldman Sachs CEO David Solomon was forced to address his staff after an internal survey of first-year analysts, reported by CNBC last week, turned back. viral. The survey detailed brutal working conditions at the leading investment bank, including employee health concerns about working more than 100 hours a week, as well as more mundane issues such as ignorance of junior bankers at meetings.

Fraser said that while Zoom’s meetings with customers and regulators will still take place on Fridays, employees will hold phone meetings to give them a break from ongoing video conferencing.

Jane Fraser, Citigroup Inc. CEO for Latin America, smiles during the Milken Institute Global Conference in Beverly Hills, California, USA, on Monday, April 29, 2019. The conference brings together leaders in business, government, technology and philanthropy. , academia and the media to discuss practical and collaborative solutions to some of the most important issues of our time. Photographer: Kyle Grillot / Bloomberg via Getty Images

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He also designated Friday May 28 as a company-wide holiday called Citi Reset Day and encouraged employees to only schedule visits in what would be considered traditional work hours. Financial News previously reported on parts of the memo.

“When our work is regularly extended into nights, very early mornings and weekends, it can prevent us from completely recharging ourselves, and that is not good for you and ultimately not good for Citi,” said Fraser.

It also set the framework for what work will be like at Citigroup, America’s third-largest bank by assets, once employees return to the offices. Like other banking leaders, including Solomon, Fraser affirmed the value of having employees, especially young people, working together in an office environment.

Most of the employees will be designated hybrid workers who will spend at least three days a week in an office, while connecting from home for up to two days a week, he said. Branch workers will continue to stay at Citigroup sites and some roles will continue to be remote, although Fraser called those positions “somewhat rare.”

The pandemic “has opened the doors to new ways of working and has shown that we are capable of adapting and even thriving in the midst of adversity,” said Fraser. “Nothing should prevent us from building a bank that wins, a bank that stands for excellence, and a bank with a soul.”


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