It is the one-stop source for information about the new policies of banks to reduce the work hours of juniors.
We’ll keep you updated with new initiatives as they are implemented. It is not about more pay, although that’s nice. There are also efforts to restructure work and limit weekend work. Let us know if we missed something.
How banks are cutting hours and increasing pay
Barclays has new policies for junior bankers.
Money: None
What else? You can also find other information. Barclays asks its associates and analysts to stop working between 9 pm on Friday and 9 am on Sunday unless they are involved in live deals. Work with a Monday deadline should not be assigned afternoon Friday. Client meetings should not take place on Mondays. To avoid pitchbooks being thrown out of the kitchen sink, senior bankers will need to give clear and precise outlines of materials required for client meetings. The juniors will be asked to take a break from work for five days in two different years. To ensure that new guidelines are adhered to, there will be “regional champions.” Barclay’s juniors can contact Kenny Furudera and Lindsay McMenamin in the Americas, Donna Cory in Europe, the Middle East, Africa, and Kenny Furudera and Kenny Furudera, respectively, in Asia-Pacific and Europe.
Bank of America’s new policies for junior bankers
Money: All levels below the VP level will see a pay increase, including those joining this year. The bank in the U.S. is increasing salaries for analysts by $10k and salaries of associates and vice presidents by $25k. This change will take effect from May 1. It is not clear if It will cut bonuses proportionately…
Other sweeteners: There is an iPad for everyone who has not got one already.
And what else? BofA claims it will also “enhance the experience of junior bankers.” It will do this by: “Ongoing investments into technology to drive efficiency, reducing client commitment memo lengths and pitch book size.” It is also the campus class that will begin early. It has already started a “Candid Conversation series” to “capture real-time feedback and ideas to make it easier and even better.” There are protected weekends, vacations, and policies to track working hours.
Credit Suisse’s new policies for junior bankers
Money: Yes. Credit Suisse offers a $20k bonus to its juniors for anyone below the VP level in capital markets and advisory business. It also increases salaries for directors in that area. It is (so far) being welcomed as a generous offer. Most banks tend to increase salaries or bonuses rather than both.
Additional sweeteners: Home-based junior bankers can now receive free meals after 8 pm.
And there’s more! Credit Suisse may relax its dress code. The existing policies of no work on Saturdays and protected leave remain in force. To let the 2020 class bond, all events required to take place in 2020 will be held. Unconfirmed reports claim that 170 junior bankers have been hired. Existing junior bankers are receiving $3k-5k for referring friends, and this could increase. We invite the 2021 graduate class to begin early.
Goldman Sachs has new policies for junior bankers.
Money: None at this point.
And what else? The Goldman juniors were encouraged and encouraged to take a complete Easter break. In March, David Solomon, Goldman’s CEO, announced that he would increase enforcement of the 2013 “Saturday rule,” which allows juniors to take time off from 9 pm on Friday through 9 am on Sunday. Solomon said, “Just remember, if we all go the extra mile for our clients, even when it seems that we’re at our limit, then it can make an impact on our performance.”
Jefferies has new policies for junior bankers.
Money: None at this point.
Sweeteners: Jefferies CEO Richard Handler and President Brian Friedman announced that they offered all associates and analysts the opportunity to choose from a free Peloton bike or a MIRROR home-work-out subscription. It is in appreciation for their hard work during this pandemic.
And what else? Jefferies is believed to have moved to a two-year analyst program. It will presumably result in juniors receiving associate pay packages earlier.
JPMorgan’s new policies for junior bankers
Money: None at this point.
Are there sweeteners? So far, none.
You can also find other information here. JPMorgan has already hired 100 additional bankers and plans on hiring another 90. It says that it will make Saturdays more challenging, require bankers to take at least three weeks off a year, discourage associates from doing marketing work on weekends, conduct quarterly reviews of how juniors spend their time, hold senior bankers accountable, and speak to two to three juniors every day to see how things are going.
Houlihan Lokey’s policies for junior bankers
Money: First-year analysts get a $5k salary increase and a $10k bonus.
Sweeteners: A paid vacation with no cost and ten days off the office.
You can do more—no work past midnight. A protected day is one for 24 hours per week. More outsourcing means more recruiting.
Moelis & Co. has new policies for junior bankers.
Money: Yes, but it will be dispensed slowly. Moelis & Co. offers a $10k allowance ($5k upfront and two additional installments of $2.5k each) to its vice presidents, executive directors, and associates. The company wants the money to go towards improving mental health but does not specify how.
Other sweeteners: Evening meal stipends have been doubled to $60 per weekend meal.
What other? What else? To relieve the existing staff of the stress, we are increasing our hiring.
UBS’s new policies for juniors
Money: UBS offers a promotion bonus to junior bankers who move from analyst level to associate level. However, it is not clear how much this bonus will be. UBS is also shifting its bonus cycle from winter to summer, offering the possibility of higher rewards all around in August.
Other sweeteners: A meal stipend of PS17 ($24) per day or local equivalent for evening meals from home, including takeaway/delivery/supermarket meal purchases (unless you’re in APAC, where supermarket meals are excluded).
You might also be interested in: UBS encourages its juniors to spend two hours per day. It is also one of the banks that is trying to hire more assistants.
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