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