junior mistmakers

  • 28 Feb 2014 at 2:15 PM

Barclays Cares About Its Junior Bankers Too Ya Know

Like Goldman Sachs, JP Morgan, Bank of America, Credit Suisse, Bank of Montreal, and Citigroup before it, Barclays has decided that all work and no play make for grumpy junior mistmakers. Unlike the “protected weekend” adopted by JPMorgan and Citi, and the 36-hour weekend favored by Goldman Sachs and Credit Suisse, the Brits are taking a three-pronged approach to unshackling its little workers bees from their desks by: making sure they take their vacations, not letting anyone work more than 12 days straight without a break to catch their breath, and forbidding the assigning of projects after 12 on a Friday, unless it’s really important in which case, settle in. Read more »

After sending out a memo yesterday informing junior employees that vacations are now mandatory and one weekend a month must be spent outside the office, management reiterated: Read more »

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. Read more »

Following moves by Goldman Sachs and JP Morgan to give junior bankers 36 hours off each weekend and one whole weekend off a month, respectively, Bank of America has announced that its young worker bees should go ahead and think about taking a couple Saturdays or Sundays off every now and again. Read more »

JPMorgan Chase & Co. plans to boost the number of junior investment bankers it employs by about 10 percent and provide them with “protected weekends” to reduce their workload, a person familiar with the matter said. Jeff Urwin, the New York-based company’s global head of investment banking, announced the changes on an internal conference call today, said the person, who didn’t say how many people would be affected and asked not to be identified because the new policies aren’t public. Jennifer Zuccarelli, a spokeswoman for JPMorgan, declined to comment. All of the major Wall Street firms are planning to increase investment-banking staff in 2014, according to Jeanne Branthover, the head of financial-services recruitment at Boyden Global Executive Search in New York. They are also trying to protect their best employees from poaching as average pay at the biggest banks declines. “Business is better and they’ve stayed lean for so long,” Branthover said. “People are burned out.” [Bloomberg, earlier]

  • 16 Dec 2013 at 3:08 PM

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. Read more »

If Gary Cohn so much as sees one ass in one chair past 9PM on a Friday, there’ll be hell to pay. Read more »