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Bank Of Montreal Also Allowing Junior Bankers Some Semblance Of A Life

BMO’s initiative actually began over the summer, before Goldman Sachs, JP Morgan, Bank of America, and Credit Suisse decided to throw their young a bone. Like JPMorgan, BMO’s new rules include a “protected weekend,” though unique to the Canadiens’ plan is a clause that states senior managers wishing to assign work after 2PM on a Friday must receive written permission from their bosses, something execs at the aforementioned banks would likely ponder for a moment, laugh, and then have the person who proposed the escorted out of the building by security.

From the Globe and Mail:

Junior bankers will now be guaranteed one full weekend off a month that is “protected” from interruptions. If they can’t take that weekend because deals are just too pressing, they can bank it. Senior managers will be asked to stop assigning work after 2 p.m. on a Friday unless it is something that can’t wait, such as number crunching on a deal that is happening. The goal is to try to minimize unnecessary work on other weekends…BMO’s project began in the summer, when the firm asked groups of junior bankers what they thought should be done. The message the firm got was that people don’t mind working hard, Mr. White said, but they do like to feel they are working more smartly and that their time is used respectfully…

Mr. White stressed that BMO has tried to build in mechanisms to make sure nobody flouts the system. For example, any senior banker wanting to assign work Friday afternoon will require approval from the head of his or her group. Fear of showing up too many times in their bosses’ offices with such requests should force bankers to ensure that work that could be done earlier in the week is taken care of before it ruins a junior banker’s weekend. “We will monitor it and hold senior bankers accountable,” Mr. White said.

BMO makes sure junior staff aren’t all work, no play [Globe and Mail]

Related: Goldman Sachs Spells Out New “Saturday Rule” For Junior Employees; Christmas Come Early For JP Morgan Junior Employees; BofA Recommends Junior Employees Stop Doing That Thing It Never Condoned In The First Place; Bank Of Montreal Also Allowing Junior Bankers Some Semblance Of A Life

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23 Responses to “Bank Of Montreal Also Allowing Junior Bankers Some Semblance Of A Life”

  1. quant me maybe... says:

    So… this fine institution only hires from the Harvard of Canada.

    >So, what's the Harvard of Canada, again?

  2. Bored Guest says:

    Bankers…as adroit at managing subordinates as lawyers are…

  3. rumor has it says:

    Certain groups at Barclays are trying out their own policy. Similar basic structure to others: no Saturday work unless OK'd by the group head or it's deal related.

    Barclay's genius addition is the banker can get around that whole permission requirement thing if they're willing to throw $100 into a group "slush fund."

    I can't overstate how much I love this concept. Really teaches these kids the true value of their time to a banker.

  4. SS55 says:

    So Junior bankers just make poutine all day at this place???? What is a Bank of Montreal please?

  5. Guest says:

    Oh bless. They didn't want to be left behind so they are copying the real bankers.

  6. TheodoreBallgamePhD says:

    On a related note, Bank Of Montreal has also just landed its largest deal to date. They're in the market with a local used car lot; the dealer would like to sell it off and retire to a small trailer in Florida. Rumor has it, there are over 25 cars in inventory.

  7. andrewjohn6985 says:

    Its a good decision Bank of Montreal has taken for the Junior bankers.