The Ask:
Folks, as we approach the ninth month of work from home, some IBD divisions in banks are finally coming around to allowing late night and weekend meals while wfh. The purpose of this post is to gather information on which banks give a meal allowance while wfh, and which banks do not.
Using this information, people at the banks that do not offer a meal allowance will be able to point to benchmarking of peers that do offer a meal allowance. So, go ahead and fire off the following information if you want to help your peers in the industry:
- Firm
- Division
- Monday - Friday meal stipend structure: in office vs wfh
- Weekend meal stipend structure: in office vs wfh
If you don't want to publicly post what bank you work at, go ahead and PM me the stats and I will keep a running list that I'll edit into this post. I expect that a considerable quantity of EBs have already come around, and so have some BBs.
What We Know So Far:
Allows stipend while wfh:
- Evercore: $100 per week in groceries, food, or delivery
- Lazard: Seamless 4 days per week, $35
- Centerview: Seamless every day, twice per day on weekends, $35 per meal
- PJT: Seamless every day, $35 for dinner weekdays, $25 weekends
- PWP: Seamless every day, $30 after 8pm
- Houlihan Lokey: Seamless every day, $25 per meal
- BAML: Seamless every day, $35 for dinner, another $20 after 10pm
- JPM: Seamless every day, $25 after 7pm, another $25 after 12am
- MS: Seamless every day, $35 after 7pm
- UBS: Seamless every day, $25 after 8pm, weekends @ $20 for breakfast or lunch, $25 for dinner
- BMO: Seamless every day, $35 weekdays, $75 weekends
Does not provide stipend while wfh:
WTF BBs... that's some bullshit
Following
Interested to know about Jefferies's policy
UBS gets 2x on weekends. $20 for breakfast or lunch and $25 for dinner
Very annoyed that my firm doesn't provide anything now that I'm seeing the number of banks that do.
Agreed, not sure why my BB is cheaping out like this
Because they expect people to line up to fill the ranks if people quit
Why are banks not providing meal stipends? Its not like they’re paying them anyways right - isnt it the client? Not sure why it cant be BAU desite wfh format...
Nah if you use a general marketing or whatever your firm calls it code the company pays for it
Typically its only allowed when you're working late while in the office. They don't want to establish a precedent for post-covid that you can leave your office at 5pm, work from home the rest of the night, and still get your meal stipend. Idea is to keep people in the office as much as possible.
But why is that an issue? I just cant wrap my head around why banks want to control where their staff works... interned at a consulting firm and we got a dinner stipend that could be delivered home instead of having to eat in office. My productivity goes down significantly at night without a shower to re-energize
PWP is $30 past 8
PMd
Pjt is $20 lunch + $35 dinner on sat/sun
Sheesh, the boutiques have it bad here...
Did RBC or Jefferies start providing WFH dinner allowances yet?
i know jef does
Centerview numbers are too low
Ok screw BBB, I'm going to BMO lol
How about Nomura?
Not sure if it makes the most sense to pick an employer based on the quality/budget of the food. That is important for sure but not sure if it is primary
Don't see anyone saying that is, but this is just a proxy for level of gaf about employees. Also, not having meal stipends did cost me ~$10k this year.
Anything on TD?
What about HSBC?
No meal stipend
What about in office?
What about rothschild?
$35 dinner on week nights and $35 breakfast / lunch + $35 for dinner on weekends / holidays both wfh and in office
GS: weekdays $25 for dinner, and $25 after midnight. weekends, $25 for every four hours worked
This is for in office only?
they made it for WFH too about a month and a half ago
Citi $25 after 7pm everyday doordash/ubereats
CS?
HL numbers are M&A, pretty sure RX is higher
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