Citigroup CEO Jane Fraser reportedly told employees that she will be getting rid of internal video meetings on Fridays and encouraging workers to create scenarios that allow them to have a better work-life balance.
A person familiar with the matter told CNBC that Fraser sent a memo to the 210,000 Citigroup workers around the globe on Monday. Fraser recently took on the role of CEO, replacing Mike Corbat.
″The blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being,” Fraser said in the memo. “It’s simply not sustainable. Since a return to any kind of new normal is still a few months away for many of us, we need to reset some of our working practices.”
Fraser noted that Zoom conferences will still take place with clients and regulators on Fridays, but that “employees will conduct meetings over the telephone to give workers a break from nonstop videoconferences,” CNBC reports.
Fraser also classified Friday, May 28 as a holiday across the firm called “Citi Reset Day and encouraged employees to only schedule calls during what would be considered traditional working hours.”
Earlier, portions of the memo were reported on by Financial News. Fraser wrote, “After listening to colleagues around the world, it became apparent that we need to combat the ‘Zoom fatigue’ that many of us feel, so I overcame my initial resistance to this idea.”
“When our work regularly spills over into nights, very early mornings and weekends, it can prevent us from recharging fully, and that isn’t good for you nor, ultimately, for Citi,” she wrote.
Fraser also reportedly laid out what the environment would look like when employees are able to return to the office, noting that most would be working in a hybrid manner. The pandemic “has opened doors to new ways of working and shown that we are able to adapt to and even flourish amid adversity,” Fraser included. “Nothing should stop us from building a bank that wins, a bank that champions excellence and a bank with a soul.”
The report of Fraser’s actions comes after an internal survey of Goldman Sachs employees was distributed last week that detailed harsh work conditions and alleged abusive environments.
The Daily Wire reports,
The results of the survey were reported earlier by Bloomberg News and have raised increased awareness about the workplace environments of some junior talent at aggressive firms. The responses raise more concerns about the culture of the company, especially after a 22-year-old analyst at Goldman Sachs committed suicide in 2015. Survey respondents reported that since taking the job, their mental and physical health has declined 6 points and 6.7 points, respectively, on a scale of 1 to 10.
Analysts say that they have been working an average of 98 hours per week since January and typically sleep an average of 5 hours per night. All of the respondents said that their work hours have negatively impacted their relationships with family and/or friends. 77% said they felt as if they were a victim of workplace abuse and 75% admitted to seeking or considering to seek out therapy, counseling, or additional help for their mental health due to the stress of the job.
Goldman Sachs CEO David Solomon responded to the results of the survey in a voice memo to staff on Sunday.
“Let me say to everyone, and in particular to our analysts and associates: We recognize that people working today face a new set of challenges,” Solomon said, according to CNBC reporting.
“In this world of remote work, it feels like we have to be connected 24/7,” he said. “All of us—your colleagues, your managers, our divisional leaders—we see that. We’re here to provide support and guidance. This is not easy, and we’re working hard to make it better.”