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Credit Suisse Tells Junior Employees To Go Ahead, Enjoy A Saturday On Us

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

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27 Responses to “Credit Suisse Tells Junior Employees To Go Ahead, Enjoy A Saturday On Us”

  1. CS Analyst says:

    "The rules don’t apply to “live deals,”"

    What are those?

  2. Brady's Ladies says:

    Considering we haven’t done a meaningful deal since Google (Which we did for free/no-fees) this won’t be an issue. Except for those Saturdays that we will need you to come in so we can Rif you…

    – FID Management

  3. HandsomeMan says:

    Great, now I'm only wasting time from 8 am to 8 pm all the other days of the week. After 8 pm is when the dick MD finally gets around to sending around the work that needs to be done.

  4. guest says:

    Utter tosh. Have these banks not heard of karoshi? They can learn something from the Japanese. It's a risk you take in banking– just like policemen getting shot.

  5. Shaz's beard says:

    36 hour weekend > bonus paid in subprime and vertical slices of CDOs with 5 year lock-up, 100% clawback and multiple knock-out clauses that the bank didnt want to keep on their own balance sheet

  6. Guest says:

    Splooooosh

  7. Guest says:

    Thursday's the new Friday.

  8. top-tier talent says:

    I don't know if I made a mistake accepting the GS offer now that CS is offering people a FULL 4 HOURS more "protected time" on the weekends.

  9. MFIN Grad says:

    So if Goldman jumped off the brooklyn bridge you would do it too?

    UBS – Chief Disciplinarian Officer
    /s top bucket '13

  10. Humph says:

    End of year review

    MD: So thanks for all the good work this year, your bonus came out to 50k and you were rated as a solid performer
    Associate: Oh okay, doesn't that seem to be a bit on the low side?
    MD: Keep in mind what the opportunity here really provides. The firm has shifted into a more sustainable business model also. Besides 3% less hours vs last year really improved everyones quality of life. The team needs to be in this together and we need team players, not golf/tennis players.
    Associate: Thanks (fuck you)

  11. Itau BBA guy says:

    Right, we had the idea first but now come GS and everyone is like "what a great idea"…

  12. IBANK4LIFE says:

    I sure hope Capital One adopts this model

    -Guy who is in i-banking like you guys

  13. LouisFineberg says:

    That's Christian of CSFB

  14. St. Copious says:

    This is probably the best signal we'll get that the tech bubble is about to burst.

    It's been a while, but I recall GS rolling out some panicked quality of life improvement plan for analysts circa late 1999, because they couldn't attract and retain vs. tech. Six months later, of course, it was all gone.

  15. kizi 1 says:

    The banking and related events, maintaining and developing the necessary elements for the current period.

  16. Sad but true says:

    Sad thing is that after a year in ibanking, most analysts have lost their college friends already (both of them) and don't actually know what to do with their free time.

  17. minecraft 10 says:

    A good informative post that you have shared and appreciate your work for sharing the information.

  18. friv2 says:

    have close links between banks and the event to ensure the development and the factors alone this time

  19. friv2 says:

    I get a lot of great information here and this is what I am searching for. Thank you for your sharing.

  20. y8 games says:

    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. I like post

  21. friv 10 says:

    Articles with good content, I like what you've shared. Thank you

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