Newspaper article International New York Times

Take a Day off, Bank Tells Junior Workers ; Credit Suisse Joins Effort to Alter Hard-Charging Culture of Entry-Level Jobs

Newspaper article International New York Times

Take a Day off, Bank Tells Junior Workers ; Credit Suisse Joins Effort to Alter Hard-Charging Culture of Entry-Level Jobs

Article excerpt

The Swiss bank, which has a major presence on Wall Street, issued new guidelines to discourage analysts and associates from working in the office on Saturdays.

Credit Suisse is making an effort to improve working conditions for junior bankers, following similar moves by leading investment banks.

The Swiss bank 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 steppingstones to higher-ranking positions. For analysts across Wall Street, working into the wee hours or pulling all-nighters is an unwritten expectation of the job, and weekend work is common.

Bank of America Merrill Lynch reviewed the working conditions of its junior bankers after a 21-year-old intern died last summer in the company's London office.

On Friday, the firm's investment banking unit announced internally that junior bankers should take four days off a month, on the weekends.

Goldman Sachs recommended last year that analysts should be able to take weekends off whenever possible. JPMorgan Chase plans to increase its staff of junior bankers this year to help spread out the workload, in addition to ensuring that its young employees have one "protected weekend" set aside for rest each month.

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. …

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