Christmas Come Early For JP Morgan Junior Employees

Back in the day, as in pre-2008, attempts to make the job of a Wall Street junior banker slightly more palatable would have been laughed off as crazy and unnecessary. The main reason was that any complaints to management about treating young employees like indentured servants could be met with: “Yeah…but you’re/they’re making a ridiculous amount of money for someone just out of college, so get the hell out of my office.” Grappling with the fact that, post-financial crisis, it’s become increasingly difficult to make the case for working junior mistmakers’ little fingers to the bone 24/7, management has been forced to look within and ask itself, “What would PETA (People for the Ethical Treatment of Analysts/Associates) do?”

In November, Goldman Sachs announced it would be implementing a bunch of “initiatives…designed to improve the junior banker experience,” the most significant being the one that gives analysts and associates 36 hours of rest between Friday night and Sunday morning, rather than keeping them chained to their desks through the weekend. Now, following Goldman’s magnanimous gesture, JP Morgan is said to be about to roll out its junior banker work/life improvement plan.

According to someone familiar with the House of Dimon, at some point this week the investment bank will be announcing the introduction of a “protected weekend,” during which IBD analysts and associates will not be allowed to even think about doing work, for one weekend every month. Apparently junior employees in JPMorgan’s healthcare group have had the protected weekend for some time now, and it’s proved “very successful for morale.”

Earlier: Goldman Sachs Spells Out New “Saturday Rule” For Junior Employees

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18 Responses to “Christmas Come Early For JP Morgan Junior Employees”

  1. L. Tilton says:

    I work bones..

  2. guest says:

    ….management has been forced to look within and ask itself, “What would PETA (People for the Ethical Treatment of Analysts/Associates) do?”

    throw paint on bank ceo's as they get off the plane in davos? pose naked for ads that say "I'd Rather Go Naked Than…have junior bankers work weekends"?

  3. Sex Ed Quant says:

    Just a heads up to all you analysts, make sure to use protection during your protected weekend.

  4. investorcluzo says:

    Staffer: this is your protected weekend.
    Analyst: I know, but my girlfriend's old pal "flow" is in town.
    Staffer: that's what you said last month.
    Analyst: exactly, that's why I keep asking to get on a different cycle!

  5. Productivity Quant says:

    On one hand, if they stagger the protected weekends, weekends will just become that much worse for analysts who are on 'unprotected' weekends (as has been pointed out).

    On another, a 'protected weekend' feels to me like a policy that could become more institutionalized because of its infrequency. Analyst morale is preserved through a carrot-and-stick approach: "work hard this weekend and you can spend your protected weekend sneaking around to buy-side interviews", for example.

    Whereas Goldman's "36-hour period of rest" will be swiftly diluted on the basis that "don't worry, we will preserve your 36 hour period of rest next weekend." It will also be immediately arbitraged back on Sundays.

    Jamie 1, Lloyd 0

  6. Guest says:

    Protected weekends? Where the f***k is the passion for banking? Back in the days I used to slay models at the office for 72-hours straight during the weekends…

    – Dude who rather go 'unprotected' that not feel anything.

  7. BS Lloyd says:

    It's great publicity for GS and JPM, but those poor GS cube slaves are still working weekends as hard as they ever have.

  8. HighFrequencyHater says:

    All great ideas! I'm just happy to see people going to back to banking out of their love for mindless powerpoint font size changes, rather than just doing it for the money.

  9. Lumbergh says:

    Oh, and remember: next Friday…is Hawaiian shirt day. So, you know, if you want to, go ahead and wear a Hawaiian shirt and jeans.