Citigroup banned Zoom internal calls on Friday in an effort to prevent staffers from abandoning themselves while working from home.
Jane Fraser, the new CEO of the megabank, announced the “Zoom-Free Fridays” policy in a corporate memorandum among other measures to address “the brutality of the pandemic workday”.
“We are a global company operating in different time zones, but if our work regularly spills over into nights, very early mornings and weekends, it can prevent us from fully charging, which is not good for you and ultimately not for Citi.” Fraser wrote in Monday’s memo, which Citi delivered to The Post.
Fraser – the first woman to head a major Wall Street bank – said she didn’t want to cut back on video calls initially, but stopped by after hearing colleagues around the world complain about “Zoom fatigue.”
While the calls on Friday within Citi are audio only, Fraser noted that staff still need to consult with regulators and customers via video.
She also urged employees not to schedule calls outside of their traditional pre-pandemic working hours and to use their vacation days. Fraser is leading by example – she said she’s taking a few days off at the end of this month, “knowing I’ll come back with a fresher brain.”
The bank is giving all staff a day off on May 28, which Fraser has declared a corporate holiday called “Citi Reset Day.”
Citi isn’t alone in trying to combat the burnout afflicting Wall Street bankers after a year of remote work.
Goldman Sachs chief David Solomon pledged to ensure staff get Saturdays off after a group of junior analysts complained that 100-hour work weeks take their toll on their physical and mental health.
But Solomon also stressed the importance of working long hours, telling subordinates Sunday that going “an extra mile” for customers “can really make a difference in our performance.”
Citi plans to eventually cut back on remote work, apparently leaving staff without steam, according to Fraser’s memo first reported by Financial News.
Most of the bank’s jobs will be “hybrid” roles once staff members are vaccinated, meaning people in those positions go to the office at least three days a week and work from home up to two days a week, Fraser said.
Some jobs will be completely remote after the pandemic, but others, such as those in bank branches or data centers, cannot be done offsite, she said.
“While the pandemic has shown us just how versatile our colleagues can be, for many of our roles we strongly believe that there are several material benefits to physical being together,” Fraser wrote.