Citigroup Jumps On The “Protected Weekend” Bandwagon

Like JP Morgan, Citi’s junior bankers will now have one weekend a month to spend as they please (though keep those Blackberries on), according to a memo sent out today.

From: Head of Global Banking at Citigroup

Sent: Wednesday, January 29, 2014

To: CIB Global

Subject: CIB Analyst and Associate Guidelines

Our people are our most important asset. Starting with our Analysts and Associates, it is essential that the experience of working at Citi is positive and that we remain focused on recruiting, training and mentoring the best talent. It is also imperative that we deploy our resources efficiently, both to enhance the services provided to our clients, as well as to provide a sustainable, high-impact learning environment for our future leaders.

To that end, we are instituting new guidelines to encourage efficiency, to increase productivity and to recognize the importance of work-life balance for our Analysts and Associates. We have spent the last few months reviewing a number of options and gathering feedback. Our goal is to continue to build our culture for the benefit of our clients, our shareholders and our people.

The following guidelines will be in effect as of February 7, 2014. We are implementing these guidelines globally to ensure consistency across our CIB franchise:

Mandatory Vacation Utilization

All CIB Analysts and Associates will be required to take 100% of their annual vacation time.

Protected Weekend Day

All CIB Analysts and Associates should be out of the office from Friday at 10:00 PM until Sunday at 10:00 AM. Further, we do not expect them to log on remotely to work during this time. However, we would expect that they will continue to check their email in the event that any business critical issues arise.

Compliance with both the Mandatory Vacation Utilization and Protected Weekend Day guidelines will be tracked and reported to senior management on a regular basis. It has been made clear that exceptions should be rare and defensible. Any exceptions to the Protected Weekend Day guideline must be pre-approved by a Group Head. Analysts and Associates who need flexibility regarding the Protected Weekend Day guideline due to personal reasons, should discuss directly with their respective Group Heads.

We will be reviewing best practices over the coming months and will continue to gather feedback through our management meetings, staffer discussions and the Analyst and Associate Councils.

Thank you for your commitment to this extremely important initiative.

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; Credit Suisse Tells Junior Employees To Go Ahead, Enjoy A Saturday On Us; Bank Of Montreal Also Allowing Junior Bankers Some Semblance Of A Life

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16 Responses to “Citigroup Jumps On The “Protected Weekend” Bandwagon”

  1. Guest says:

    Seriously? When BMO joined the queue it should have been a warning sign to Citi that the trend was over.

    • Guest says:

      "Seriously? When BMO *started* the queue it should have been a warning sign to Citi that the trend was over."

      Fixed it for you.

      -UBS Reading Comprehension Quant

  2. Guest says:

    It's every weekend, not just one day.

  3. Guest says:

    Totally missed a trick, here, Citi. Rather than let them off, you should make them come in to practice singing with "The Choir"

  4. Beerio says:

    Most significant point here is the mandatory vacation usage I think. That's pretty unusual. Expect desks to be dramatically understaffed in December as everyone uses it up…

  5. guest says:

    mandatory vacation usage is a complete game changer across the street

  6. Guest says:

    considering how Citi has staffers who address their analysts as "slaves" and bankers who say that women have no place in finance, this will surely keep the work environment "positive"

  7. March 23, 1994 says:

    You youngbloods have no idea of the true definition of "busy".

  8. Human Capital Mgmt says:

    Gotta love how these morons are now concerned with mentoring, retention and work life balance. For decades this never mattered but now they have come to this realization.

    I can't help but wonder just how bad they are going to fuck everyone over on pay

    • Guest says:

      Better options after analyst years with somewhat better lifestyle and much better pay: private equity, hedge funds, silicon valley. Hard to imagine they wouldn't address it considering the significant amount of brain drain happening in the banking analyst classes.

  9. Dutch_Banker says:

    wow… there is some serious Gordon Gekko wannabe material hanging out on this blog…