Citigroup CEO Jane Fraser calls for Friday without Zoom

Citigroup CEO Jane Fraser told employees she is banning indoor video calling on Friday, urging employees to set boundaries for a healthier work-life balance and set up holidays throughout the week. a world called Citi Resettlement Day because pandemic weakness is taxing workers.

Fraser, who took over for former Mike Corbat earlier this month, told employees of the changes in a memo sent Monday afternoon to its 210,000 employees worldwide, according to a person with knowledge of the case.

Blurring lines between home and work and the instability of the pandemic workday have had a major impact on our well-being, “Fraser said in the memo.” It is simply unsustainable. With a return to a new normal type still a few months away for many of us, we need to reset some of our work habits. “

A Citigroup memo was issued the day after Goldman Sachs CEO David Solomon spoke to his staff following an internal analysis of first-year analysts, reported by CNBC -week last week, go viral. The study described the brutal working conditions at the central investment bank, including staff health concerns about working more than 100 hours a week, as well as more serious issues such as young bankers being let off at meetings.

Fraser said while Zoom meetings with delegates and regulators will still take place on Friday, staff will be holding telephone meetings to reassure employees from non-stop video conferencing.

Jane Fraser, chief executive officer of Latin America at Citigroup Inc., will laugh at the Milken Institute World Conference in Beverly Hills, California, USA, on Monday, April 29, 2019. The conference will bringing together leaders in business, government, technology, philanthropy. , academics and the media to discuss action and collaborative solutions to some of the most important issues of our time. Photographer: Kyle Grillot / Bloomberg via Getty Images

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She also designated Friday, May 28 as an extensive holiday known as Citi Resettlement Day and encouraged employees to simply set up calls that would be considered traditional working hours. Parts of the memo were reported earlier by Financial News.

“When our work regularly pours into evenings, very early mornings and weekends, it can stop us from rebuilding completely, and that’s not good for you or , ultimately, for Citi, “Fraser said.

She also set the framework for what will be like a similar operation to Citigroup, the third largest U.S.-funded bank, once more employees return to offices. Like other bank executives including Solomon, Fraser proved the value in having employees, especially younger ones, work together in an office setting.

Most employees are referred to as hybrid workers who spend at least three days a week in an office, logging in from home for up to two days a week. -week, she said. Branch staff will continue to live at Citigroup sites, and some positions will remain remote, although Fraser called those positions “somewhat rare.”

The pandemic has “opened doors to new ways of working and shown that we can accept and even thrive in the midst of conflict,” Fraser said. “Nothing should stop us from building a winning bank, a bank that supports excellence and a bank with a soul.”