Wall Street WFH Advocate Jane Fraser Wants Underperformers Back in the Office On becoming Citi's CEO during the pandemic, she surprised the banking community by initiating a hybrid work scheme.
By Steve Huff
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Jane Fraser made history when Citi hired her to become the first female CEO of a big Wall Street bank. Immediately confronted with the unprecedented stress of the COVID-19 pandemic, one of Fraser's first major decisions was implementing a flexible hybrid work culture. She made the decision to fight pandemic burnout, improve employee well-being, and give the bank an edge in competing for top talent.
Under Citi's hybrid work policy, most employees can work three days in-office and two days from home. CNN reports that Fraser, speaking at the World Economic Forum (WEF) in Davos, Switzerland, indicated that productivity at Citi is carefully measured, and collaboration and mentorship work best when done together.
So workers who do not produce well when working a hybrid schedule return to the office for job coaching. However, Fraser said she does not want Citi to return to its 80s model of banking, so the hybrid option will remain in place.
Fraser also believes Citi will have to work in the future to strike a balance between in-person collaboration and giving workers flexibility. "I think we're in for a world of pretty tight labor supply," she said. Additionally, people who left the workforce aren't returning as expected, so Fraser said it's on her company "to keep listening to our people to get that balance right."
