Credit Suisse Is Now Telling Its Junior Bankers To Take Saturdays Off
This has been a trend lately on Wall Street.
Goldman Sachs, JPMorgan and Bank of America have all decided to limit the amount of weekend work for their junior employees.
Bank of America sent out a memo on Friday telling its young employees to take four weekend days off per month.
JPMorgan has granted its junior level bankers one "protected weekend" per month.
Goldman Sachs was the first to tell its junior analysts have been told to take Saturdays off. What's more is their analysts won't be able to go to the office or log on from 9 p.m. Friday until 9 a.m. Sunday.
The long hours young bankers put in on Wall Street has come under scrutiny after 21-year-old Bank of America intern Mortiz Erhardt died last summer in student housing in London. Unconfirmed reports said Erhardt had worked consecutive all-nighters.
While this makes life better for young bankers, it also forces their managers to be more disciplined about assigning work.
Young analysts will tell you that their superiors have a habit of dumping work on their desks at 7 p.m. on a Friday night subsequently ruining weekend plans.
That doesn't look like it's going to be the case anymore.