Tags: Bank of America, Credit Suisse, Goldman Sachs, JPMorgan, junior mistmakers, trends, we gotta live one
Like Bank of America, JP Morgan, and Goldman Sachs before it, Credit Suisse announced this week that analysts and associates will have some semblance of a weekend, moving forward. Unlike JP Morgan’s monthly “protected” weekend and BofA’s “take the number of UNAUTHORIZED weekend days you were previously working and cut it in half,” Credit Suisse has chosen to adopt the Goldman Sachs 36-hour weekend model, unless of course urgent work needs to be done, in which case, consider your ass glued to that desk.
The Swiss bank, which has a major presence on Wall Street, said in an internal memo on Monday that it was issuing new guidelines to discourage analysts and associates — the two lowest employee levels — from working in the office on Saturdays. The bank said the new policies, covering junior bankers in the Americas, would take effect this week. The initiative is the latest attempt by a major investment bank to alter the hard-charging culture of its entry-level jobs, which are often seen as a steppingstones to higher-ranking positions. For analysts across Wall Street, working into the wee hours or even pulling all-nighters is an unwritten expectation of the job, and weekend work is common…On Monday, Credit Suisse said internally that its analysts and associates should not be in the office from 6 p.m. on Fridays though 10 a.m. on Sundays. In addition, conference calls should be avoided on Saturdays but are permitted early on Sunday mornings, the memo said. The rules don’t apply to “live deals,” which require analysts’ immediate attention. A Credit Suisse spokesman said that a live deal was “a deal that is actively being put together.”
As you were.
Credit Suisse Tells Junior Bankers to Take Saturdays Off [Dealbook]
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