Citigroup CEO Bans Zoom Calls on Fridays, Urges Workers to Take Vacations

Citigroup CEO Jane Fraser is trying to promote a less stressful work environment by encouraging employees to spend less time on Zoom and more time on vacation.
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Citigroup  (C) - Get Report CEO Jane Fraser is implementing a ban of Zoom video calls on Fridays as part of an initiative to ease stress on employees of the financial giant.

The move will be called “Zoom-Free Fridays,” Fraser wrote in a memo which was sent to over 200,000 workers at Citigroup, Financial News reported.

“I know, from your feedback and my own experience, the blurring of lines between home and work and the relentlessness of the pandemic workday have taken a toll on our well-being,” Fraser added in her memo.

She called the continuation of current procedures “not sustainable.”

Jim Cramer on Jane Fraser as Citi's New CEO

Additionally, Fraser is encouraging staff to take vacations when needed and to avoid scheduling meetings outside of what were typical business hours prior to the pandemic, according to the memo.

She has also established “Citi Reset Day” on May 28 as a holiday across the entire company, Bloomberg said.

Parts of the finance industry, such as investment banking, are known for their grueling 100-hour work weeks. A group of 13 Goldman Sachs junior analysts recently said in a leaked “Working Conditions Survey” that bankers should be able to adhere to an 80-hour work week, The Telegraph reported.

Jane Fraser Becomes First Woman to Lead a U.S. Megabank 

Fraser became the first female CEO of Citigroup in March, succeeding Michael Corbat, who led the New York financial firm for eight years. Fraser is also the first female CEO overall of a major U.S. bank.

Fraser has been at Citigroup for 16 years but began her career at Goldman Sachs. Fraser reportedly also was a candidate for the top post at Wells Fargo.

In early trading Tuesday, Citigroup shares were down 0.64% to $71.50.