Will the rest of the banks follow suit and give junior bankers more time off?
Goldman, BofA, and Credit Suisse (probably others I'm missing) have recently announced that they will take measures to give their junior IBD bankers more time off, specifically on weekends. Should we expect the rest of the banks to follow suit? I'd love to hear any thoughts. Sorry if this is a repost.
BofA
http://dealbook.nytimes.com/2014/01/10/wall-st-shock-take-a-day-off-even-a-sunday/?_php=true&_type=blogs&comments&_r=0
Credit Suisse
http://rt.com/business/credit-suisse-saturday-off-585/
I believe JPM has their own policy and MS is mulling something as well. At the very least all the big banks will say they're doing something whether or not they actually implement it.
Haven't heard anything about the EB's considering this.
There was an article about DB and Citi following suit. http://www.ft.com/intl/cms/s/0/3a17870a-7f9f-11e3-b6a7-00144feabdc0.html?siteedition=intl#axzz2qisyfJN2
Never heard of such policies at JPM, MS and Barclays...
Here is my admittedly unfair prediction that people will disagree with.
Banks that already had great cultures: Evercore/Centerview/BX Banks that will be forced to follow suit to compete: All BBs Banks that will always remain sweatshops: Lazard/Moelis/GS(it still is)
I can confirm JPM has a policy like this already.
Can anyone "affected" by these policies speak to this? Have you actually found more time on the weekends because of these policies?
Also, would anyone expect the elite boutiques or sweatshop MMs to follow suit?
The better move, as acknowledged by the astute (and admirably named) poster above as well as several paragraphs in my front-page blog post, is to get to a place with a culture healthy enough that the very idea of a policy like this is outlandish and laughably unnecessary.
Don't agree with EVR. I think it's a great culture in the sense that I like everyone I know there, but they definitely work you at Laz/Moelis levels from what I've heard...
"Actions speak lowder than wurds"
throws away misspelt fortune cookie and crip walks out
These policies will not change anything. If you think because of these policies, IB lifestyle will get better and you will then work less and still make the same comp? you're sorely mistaken.
IE - GS now gives analysts saturday off. So if your VP gives you a book on Friday - sure have Saturday off but your ass going to be slaving away on Sunday. It's just common sense.
Alot of the problem in IB is inefficiencies and lack of time management or consideration for other people's time. That is the only thing that might change but frankly work is work. Go into this job eyes wide open
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