Citigroup banned internal Zoom calls on Fridays in an effort to prevent staff members from running rudely while working from home.
Jane Fraser, the new CEO of the mega-bank, announced the ‘Zoom-Free Fridays’ policy in a memo from the company, along with other measures aimed at addressing ‘the relentless working day of the pandemic’.
“We are a global company that works over time zones, but if our work is regularly flooded at night, very early in the morning and on weekends, it may prevent us from fully recharging, and that is not good for you, or ultimately for Citi.” Fraser wrote in Monday’s memo that Citi provided to The Post.
Fraser, the first woman to run a major Wall Street bank, said she initially did not want to cut the video calls, but came after hearing from colleagues around the world about ‘Zoom Fatigue’.
While Friday calls within Citi will only be audio, Fraser notes that staff members still need to meet with regulators and customers via video.
She also called on employees to call outside the traditional working hours before the pandemic and use their holidays. Fraser is the best example – she said she’s taking a few days off at the end of this month, “knowing I’ll be back with a fresh brain.”
The bank is giving all staff a day off on May 28, declaring Fraser a business holiday called “Citi Reset Day.”
Citi is not alone in fighting the burnout that is plaguing Wall Street bankers after a year of working remotely.
David Solomon, head of Goldman Sachs, has vowed to ensure staff release Saturdays after a group of junior analysts complained that their physical and mental health demands 100 hours of work weeks.
But Solomon also stressed the importance of working long hours, and told undersigned Sunday that an extra mile for clients “can make a difference in our performance.”
According to Fraser’s memorandum, first reported by Financial News, Citi plans to eventually reduce the remote work that apparently runs out of staff steam.
Most of the bank’s tasks will be ‘hybrid’ roles once staff members are vaccinated, meaning people in positions will go to the office at least three days a week and work from home for up to two days a week, Fraser said. .
Some jobs will be completely remote after the pandemic, but others such as in bank branches or data centers cannot be done outside, she said.
“Although the pandemic has shown us how versatile our colleagues can be, we strongly believe that there are several significant benefits to being physically together,” Fraser wrote.