Most every big bank – including Goldman Sachs, J.P. Morgan, Bank of America and Credit Suisse – has implemented new rules aimed at easing the workload of its junior staffers. As of today, Deutsche Bank has yet to follow suit, and it’s beginning to create frustration among analysts and associates within the U.S. branch.
A source within the investment bank said that the lack of an official policy has become “a hot topic” within the halls of the firms. Frustration has boiled over due to perception among Deutsche Bank analysts and associates that they already “work harder and get paid less” than bankers who work at the aforementioned firms, the source said. Deutsche Bank declined to comment.
Of course, the jury is still out as to whether these recently announced weekend programs will be effective or even enforceable. Having rigid guidelines on work hours leaves open the possibility that the office would be short-staffed at a critical time or, the likelier scenario, that the rules would be ignored.
Another source close to DB said that the bank did make some alterations to its junior program in 2013 that focus more on career development, including changing its analyst program from two to three years and offering early notification for promotions to the associate level.
The bank will communicate bonus plans to U.S. workers next Wednesday, according to the source. Those conversations should have a significant effect on the temperament in the office, whether negatively or positively.