Citigroup CEO Jane Fraser told staff she banned internal video calling on Friday, encouraging staff to set boundaries for a healthier work-life balance and instituting a company-wide vacation called Citi Reset Day because of pandemic fatigue affects employees.
Fraser, who took over as Mike Corbat’s predecessor this month, told staff the changes in a note sent to his 210,000 employees around the world on Monday afternoon, according to a person with knowledge of the matter.
“The blurring of the lines between home and work and the incessant pandemic workday have affected our well-being, “Fraser said in a memoir.” It is simply not sustainable. Since the return to any kind of new normal is still a few months away for many of us, you need to reset some of our work practices. “
The Citigroup memorandum 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, went viral. The survey detailed the brutal working conditions at the first investment bank, including employees’ health concerns about working more than 100 hours a week, as well as more trivial issues such as junior bankers being ignored at meetings.
Fraser said that although Zoom’s meetings with customers and regulators will take place on Friday, employees will hold telephone meetings to give workers a break from non-stop video conferencing.
Jane Fraser, Executive Director for Latin America at Citigroup Inc., smiles at the Milken Institute Global Conference in Beverly Hills, California, USA, Monday, April 29, 2019. The conference brings together leaders in business, government, technology, philanthropy, academia and the media to discuss action and collaboration solutions to some of the most important questions of our time. Photographer: Kyle Grillot / Bloomberg through Getty Images
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She also designated Friday, May 28, as a company-wide holiday called Citi Reset Day and encouraged employees to schedule calls only in what would be considered the traditional work schedule. Part of the note was previously reported by Financial News.
“When our work flows regularly at night, early in the morning and on weekends, it can prevent us from fully recharging, and that’s not good for you and, ultimately, for Citi,” Fraser said.
It also set the stage for what will look like work at Citigroup, the third largest asset bank in the US, once more employees return to their offices. Like other bank leaders, including Solomon, Fraser said the value of employees, especially juniors, working together in an office setting.
Most employees will be assigned hybrid workers who spend at least three days a week in an office while connecting from home up to two days a week, she said. Branch workers will remain on Citigroup sites, and some roles will continue to be removed, although Fraser called these positions “somewhat rare.”
The pandemic “opened the door to new ways of working and showed that we are able to adapt and even flourish in the midst of adversity,” Fraser said. “Nothing should stop us from building a bank that wins, a bank that promotes excellence and a bank with a soul.”