Overworked junior members of Citi’s IBD business who are preparing to work all today, all tomorrow, and all Saturday have been given some very good news: this is the last week they’ll need to do that. From February 7th, Citi will be following in the footsteps of Goldman Sachs, Bank of America, JPMorgan and Credit Suisse and offering its junior M&A and capital markets bankers mandatory Saturdays off.
As of next Saturday, Citi’s juniors must be out of the office and not working from home between 10pm on Fridays and 10am on Sundays according to a memo published by Dealbreaker. If they want to work during this time, they’ll have to get permission from the head of their group.
Citi’s policy looks distinctly similar to Goldman Sachs’ policy. Goldman insists that its juniors vacate the office between 9pm on Friday and 9am on Sunday. Citi’s move is less generous than Credit Suisse’s admonition that young bankers get out of the way between 6pm on Fridays and 10am on Sundays. JPMorgan and Bank of America have gone for an alternative strategy of insisting that young people have one full weekend off a month (JPM) or four weekend days off a month (BofA).
As yet, there have been no moves to restrict working hours at the likes of Deutsche Bank, Morgan Stanley or the many mid-sized M&A houses known for their grueling hours. Nothing may be forthcoming at Morgan Stanley, where James Gorman at Morgan Stanley has indicated that he’s not really a believer in mandatory weekends off. Deutsche Bank is said to be concocting something, but bankers there are getting frustrated. “We are desperately trying to hire people at the senior associate and junior VP level and can’t find people willing to work here,” a source told our US editor earlier this week.
Separately, it seems Citi is doing some huge hiring in India. The Economic Times reports that the US bank want to hire 2,500 people on the sub-continent. Some of them will join its investment banking business. It’s not clear whether they’ll be working on pitchbooks while Citi’s London and New York-based junior bankers spend Saturdays in bed.
Citigroup is hiring for its European gas and power business, which now comprises 10 people in trading and sales. (Bloomberg)
Bad news for Barclays’ bonuses: bank has another £330m charge to cover penalties and lawsuits in its investment bank. (The Times)
Deutsche Bank has suspended the head of its emerging markets foreign exchange trading desk in New York. (Reuters)
Recruiter says there’s a pay ‘chasm’ between hedge funds and investment banks. (Bloomberg)
Investment banking revenues at Evercore were up 17% last year. (Financial News)
“The answer is sorry guys, much better performance required before we’ll even consider” bonuses, Noonan, 70, said. “If any executive wants to leave AIB, I’ll shake his hand and wish him fair passage as he leaves.” (Bloomberg)
Managing director at BCG Partners struck off from working in the City after lying ‘adroitly’ about attempts to poach stuff from Tullett Prebon. (FCA)
Why does Pimco need six deputy CIOs? (The Tally)
How couples can cope with professional stress. (HBR)
Man gets up at 3.30am every day for 150 mile commute (each way) in Renault Clio. (DailyMail)
The idea that sleep is a waste of time is relatively recent. The turning point came with the invention of the electric light bulb. (Credit-Suisse)