Citigroup is leading the way and making some much needed changes to Wall Street culture. Citigroup told staff to avoid scheduling calls and meetings from noon to 1pm and hour long meetings to be shortened to 45 minutes so employees can use the extra time to prepare for their next task.
"What I’m hearing now is that it is not simply the long hours taking a toll on our well-being. It is the density of the day," said CEO Jane Fraser said in a memo to staff.
Jane Fraser is the first woman to lead a top US bank and has taken a different approach to the hard stance on return to office by rival bank CEOs, who have rushed workers back into the office, even as the Delta variant spread. Recently Morgan Stanley CEO James Gorman said: "If you can go into a restaurant in New York City, you can come into the office." (lmao OK boomer)
Just days after Jane Fraser took the job in March, she promised that most of the bank’s staff would be able to work from home at least two days a week on a permanent basis.
Fraser didn’t stop there. She’s also letting employees rewrite their schedules. It’s fine, she says, if people want to knock off early to pick up their kids from school and log on in the evening to finish their work. "Maybe see your kids or avoid a particular time of commuting that’s hellacious."
"I want to crush the competition," Fraser says, sipping her coffee.
Short Squeez Takeaway: Jane Fraser and Citigroup might be onto something here. Many workers who have embraced remote work as the new normal are quitting instead of going back to work. Jane's team has already been fielding inquiries from execs looking to defect from rivals including JPM and Goldman. We predict analysts will soon enter the chat too if Citi keeps up its anti-Wall St work policies. Citigroup y'all hiring???