Didn't see a thread here, so I thought I'd put one up:
J.P. Morgan Chase & Co. is giving its investment bankers an unusual mandate: Relax, take some time off.
The firm launched a new effort on Thursday to encourage its investment bankers to take their weekends off—as long as there isn’t a live deal in the works.
Really?
A couple great lines:
- A spokeswoman said that “a vast majority” of employees aren’t expected to be working on the weekends.
- J.P. Morgan has also made efforts to streamline more work processes. For instance, the bank’s high-grade bond desk now uses an application that automates bond prices and issuance information rather than requiring younger bankers to fetch data and fill out spreadsheets
Any comments?
http://www.wsj.com/articles/j-p-morgan-chase-tells-investment-bankers-t…
Just curious, how has JPM M&A been doing compared to MS and GS?
Unofficial 1/3 report for FY16 had JPM top 3 globally in terms of deal size. Did not disclose rev. but earnings confirmed it was a strong year.
The new initiative is called "Pencils Down," and Carlos Hernandez - JPMorgan's (JPM +0.8%) head of global banking - is urging the investment banking staff to take every weekend off (provided there's not a hot deal they're working on).
More window-dressing. It's a good initiative but the language reads like if theres's any deal making progress, then you're going to be working.
Maybe I'm wrong but doesn't seem like much will come of this.
"as long as there isn't a live deal in the works" lol
That was my first thought. Although I've heard of some banks where it is taken seriously (MD's have to approve, and only have a limited number of approvals to give) I'm highly skeptical of a Caveat like this....especially at a bank like JP Morgan with massive deal flow.
Besides which good luck changing the culture in an industry which, to be perfectly frank, attracts a long number of ambitious folks and therefore a large number of ass kissers who don't mind staying in the office just for the sake of being seen.
I'm not going to hate considering I'm trying for a junior analyst spot but this is a prime example of the type of change I think will become standard. IMO soon enough all BB's are just going to start cutting hours and creating new titles to slot in between SA's and FT's to work as contractors.
Their M&A activity is great. About 34% of their revenue came from M&A.
This means they'll just work longer hours during the week, right? 120 hours on, 48 hours off, baby. Increased production!
The earning releases should have the advisory revenues to compare.
I'll "relax" when I'm dead. Until then, you better give me my share.
Can anyone advise on how the new policy is actually playing out in practice?
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