Can someone break down/explain WF's pencils from Friday 6 PM to Saturday? Is it more of a courtesy for juniors? Is it actually respected by seniors? Which groups are known for not respecting it?
Assuming that if you are on a live deal, this will not be respected, obviously, but what about just on a regular weekend, where maybe there is just some pitch work?
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The "pencils down" rule, such as the one implemented by JPMorgan and other firms, is designed to improve work-life balance for junior bankers by mandating a break period. For JPMorgan, this policy typically means work stops between Friday at 7 PM and Saturday at noon. The idea is to give junior bankers some protected time to rest and recharge.
However, based on the most helpful WSO content, the enforcement and respect for this policy can vary significantly:
Courtesy vs. Enforcement: While the rule is intended to be a courtesy to juniors, its enforcement often depends on the culture of the specific group or team. Some groups take it seriously, while others may disregard it entirely.
Live Deals: As you mentioned, during live deals, this rule is often not respected. The urgency of deal work typically overrides any protected time policies.
Pitch Work and Regular Weekends: For non-live deal work, such as pitch preparation, the adherence to the pencils down rule depends on the senior bankers' attitudes. Some seniors may respect the policy and avoid assigning work during the protected period, while others might still expect juniors to be available.
Groups Known for Disregard: Certain groups or firms with a more intense culture may be less likely to respect the pencils down rule. For example, firms or teams with a reputation for being "sweaty" (like Piper Jaffray in the past) often have poor enforcement of such policies. On the other hand, firms or teams with thoughtful senior bankers who plan ahead are more likely to respect these boundaries.
Ultimately, the effectiveness of the pencils down rule is heavily influenced by the specific team culture and the behavior of senior bankers. While the policy is a step in the right direction, its impact can be limited without consistent enforcement and accountability.
Sources: WFH Should be the Default in IB, Has IB Work/Life Balance Changed in 2019?, The Work Always Gets Done, The Work Always Gets Done, Death from Overwork (Karōshi) in Finance
It's enforced in my group. Saturdays are not formally protected like other banks, but seniors lately have been discouraging Saturday work unless really needed like for a live deal
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