new rules

…per the instructions enclosed in a letter sent out by CEO Richard Handler and Chairman Brian Friedman. The short version: Treat junior level employees like they are humans and not life-sized pieces of garbage. The longer version: Read more »

  • 31 Jul 2014 at 12:36 PM

Clawback Watch ’22: Britain’s Banks

If you’re a banker working across the pond, get your underhanded schemes out of the way now, because come 2015, they’re going to start counting against you (and will continue counting against you vis-a-vis bonuses through 2022). Read more »

“Confusion and inaccuracy” is what we’re calling you-know-what now (insideray radingtay). Read more »

  • 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 »

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. Read more »