Bank by bank, this is how pay is rising and hours are being cut

With banks’ introducing daily new policies to limit juniors’ working hours in the wake of Goldman Sachs’ analysts’ complaints about 100 hour weeks, this is our one-stop shop for banks’ new policies to lighten the load. 

As new initiatives are introduced, we’ll add them here. It’s not just about more pay (although this is nice) – there are efforts to restructure workloads and impose hard limits on weekend work too. If we’ve missed anything out, let us know.

Barclays’ new policies to help juniors

Money: None.

What else? Barclays wants its analysts and associates to stop working between 9pm Friday and 9am Saturday (unless they’re on live deals). Works with a Monday deadline shouldn’t be assigned after noon on Friday; client meetings shouldn’t take place on Mondays if possible. Senior bankers are being asked to provide clear and specific outlines for materials they need for client meetings to avoid a “kitchen sink” approach to pitchbooks. Juniors are being asked to completely disconnect from work for two lots of five days each year. There will also be “regional champions” to help ensure new guidelines are followed, so presumably Barclays juniors who are unhappy can get in touch with Lindsay McMenamin and Courtney Rosica in the Americas, Kenny Furudera in the Asia-Pacific region and Donna Cory for Europe, the Middle East and Africa.

Bank of America’s new policies to help juniors 

Money: There’s a pay rise for everyone below VP level including (apparently) people due to join this year. In the U.S., the bank is increasing analyst salaries by $10k and associate and vice presidents salaries by $25k, starting May 1st. It’s not clear whether bonuses will be reduced proportionately…

Other sweeteners: There’s an iPad for everyone who hasn’t gone one already. 

What else? BofA says it will also be “enhancing the junior banker experience.” This will occur via: “Ongoing investments in technology to drive efficiencies, reducing pitch book and client commitment memo lengths.” It’s also the campus class to begin early, is hiring some new people and has started a “Candid Conversation Series” to “capture real-time feedback and idea to make things easier and even more efficient” There are also protected weekends and vacations and policies for tracking working hours.  

Credit Suisse’s new policies to help juniors

Money: Yes. Credit Suisse is offering its juniors a $20k special bonus to everyone below VP level in its capital markets and advisory businesses and increasing salaries for directors in the same area. This is (so far) being welcomed as especially generous – most banks seem to be increasing salaries or bonuses rather than both. 

Other sweeteners: Junior bankers working from home can now get free meals after 8pm. 

What else? Credit Suisse is contemplating relaxing its dress code. Its existing policies of protected leave and no work on Saurdays still stand. All events for 2020 that should have taken place for the new class will be held this year to let the 2020 class bond. There are unconfirmed claims that 170 new junior bankers are being hired. Existing juniors are being paid $3k-$5k to refer friends and this may increase. The incoming 2021 graduate class is being invited to start early.

Goldman Sachs’ new policies to help juniors 

Money: None so far.

What else? Goldman juniors were encouraged to take the full Easter break off. In late March, CEO David Solomon said he would step up enforcement of the “Saturday rule” introduced in 2013, which gives juniors time off between 9pm on Friday and 9am on Sunday.  “Just remember: if we all go an extra mile for our client, even when we feel that we’re reaching our limit, it can really make a difference in our performance,” Solomon added.

Jefferies’ new policies to help juniors 

Money: None so far.

Sweeteners: In late March, Jefferies’ CEO Richard Handler and President Brian Friedman said they’re providing all analysts and…