Citi just made a big change to try to make itself a better place to work
The bank told its workers on September 28 that it would extend paid maternal leave to 16 weeks from 13, and second parent leave to 8 weeks from 2.
In addition, staff can take 10 weeks of unpaid protected leave, for a total of 26 weeks away within the 12 months after a child arrives.
Parents will also have access to benefits offered by the Bright Horizons Care Advantage program, which offers support for children who face learning disabilities, attention issues, emotional challenges and development disabilities.
The changes will take effect on January 1, 2017.
"We recognize that families and parental roles evolve and that our policies should evolve to support those changing needs," Terry Hogan, head of global diversity at Citi, said in a memo to staff. "To that end, we are pleased to announce our enhanced parenting leave policies to support Citi parents, regardless of gender, in caring for and building a bond with their newborn and newly adopted children."
Numerous banks have been changing their parental-leave policies as of late. Goldman Sachs provides 16 weeks of fully paid maternity leave, according to its website, and last year it increased its paid parental leave for non-primary parents to four weeks.
Morgan Stanley provides 16 weeks of paid parental leave to primary caregivers. JPMorgan upped fully paid parental leave for primary caregivers in the US to 16 weeks from 12. Bank of America also made a similar move in March.
The changes are being made to try to help workers maintain a better work-life balance - and to make the firms more attractive places to work.