Yesterday, news broke that in an unprecedented act of generosity, UBS will now allow employees two hours of personal time each week (to be repaid by working an extra two hours for a co-worker). Now, Credit Suisse has done one better: the acronym TGIF now actually has meaning. Sort of.
Credit Suisse has told its staff to leave work by 7pm on a Friday and not return until at least Saturday lunchtime, unless a big deal is in the works. Dubbed "Protecting Friday Night", the Swiss bank's initiative is part of a wider drive by investment banks to soften their workaholic image and stop talented staff leaving for jobs in other areas such as technology or private equity. In an email dated May 23, Credit Suisse told its staff in the EMEA investment banking and capital markets department that they should leave the office by 7pm on a Friday and not return until at least midday on Saturday -- unless a major deal is launching or imminent, bank insiders told Reuters.
Take a moment to let it all sink in.