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Citigroup boss Fraser (archive photo): Plea for the presence work
Photo: Erin Scott / REUTERS
A lot of money, a lot of work, hardly any private life - this is roughly the deal that aspiring investment bankers get involved in.
Even before the corona pandemic, the industry drew criticism for its working conditions.
Since the home office has also become part of everyday life for bankers, the situation has worsened.
Now Jane Fraser, head of the major American bank Citigroup, is promising improvement: it is "simply not sustainable" that the line between work and home is becoming increasingly blurred.
In an internal memo quoted by the Financial Times, Fraser advocates "Zoom-free Fridays", on which internal video conferences should no longer take place.
In addition, employees should “try to avoid” video meetings taking place outside of regular working hours.
Working regularly at night, early in the morning or on the weekend is not good for employees, writes Fraser in the memo, nor for the bank.
She called on employees to take their vacation.
The bank is also planning a “Reset Day” on May 28, on which employees can take time off - but the “Reset Day” was also held last year.
For the time after the corona crisis, the Citi boss announced a return to office work: In the future, employees at the bank should work “hybrid” and spend at least three days a week in the office.
At Citi rival Goldman Sachs, young bankers complained about working conditions in February and made headlines.
In order to meet the demand during the Corona period, many of them worked almost 100 hours a week, according to a survey, the results of which were made public last week.
Goldman Sachs had promised better working conditions afterwards.
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