Citigroup CEO Jane Fraser told staff she banned internal video calling on Friday, encouraging staff to set limits for a healthier work-life balance and instituting a company-wide vacation called Citi Reset Day. as pandemic fatigue affects employees.
Fraser, who took over from predecessor Mike Corbat this month, told staff the changes in a note sent Monday afternoon to his 210,000 employees around the world, 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 note.” It is simply not sustainable. Since many of us still have a few months to go back to any kind of normal, we need to re-establish some of our work practices. “
The Citigroup note 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, was go viral. The survey detailed the brutal working conditions of the major investment bank, including employee health concerns for working more than 100 hours a week, as well as more mundane issues, such as minor bankers being ignored at meetings.
Fraser said that while Zoom’s meetings with customers and regulators will still take place on Friday, employees will hold telephone meetings to give workers a non-stop break from video conferencing.
Jane Fraser, CEO of Latin America at Citigroup Inc., 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 collaborative and actionable 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 schedule only calls in what would be considered traditional work schedule. Financial News previously reported parts of the note.
“When our work spills regularly into the evenings, mornings, and weekends very early on, it can prevent us from fully recharging, and that’s not good for you or, ultimately, for Citi,” Fraser said.
It also set the framework for the operation of Citigroup, the third largest U.S. bank by assets, once again employees return to offices. Like other bank leaders, including Solomon, Fraser affirmed the value of having workers together, especially minors, in an office.
Most employees will be assigned hybrid workers who spend at least three days a week in an office, while logging in from home up to two days a week, he said. Office workers will continue to remain at Citigroup sites, and some functions will remain remote, although Fraser called these positions “infrequent.”
The pandemic “has opened doors to new ways of working and has shown 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 defends excellence and a bank with soul.”