Morgan Stanley, Deutsche Bank, UBS, Citigroup, Barclays, RBS, Evercore, Moelis & Co…. If you’re a junior banker who likes a little weekend time outside the office, these are the banks you might wish to avoid in 2014. Each has yet to announce measures to limit the amount of work bankers do on Saturdays and Sundays (although Morgan Stanley is said to have something in the pipeline).
On the other hand, a hierarchy is emerging among banks that have made announcements restricting working hours. Credit Suisse looks best for weekends off, followed by Goldman, followed by BAML, followed by JPMorgan. Here’s why:
- Credit Suisse. The Swiss bank has just announced a new plan to get its juniors out of the office between 6pm on Fridays and 10am on Sundays (unless they’re working on a live deal).
- Goldman Sachs: The US bank wants its juniors out of the office between 9pm on Fridays and 9am on Sundays.
- Bank of America: Last week, Bank of America informed its juniors that they must have four weekend days off per month.
- JPMorgan: Juniors must have ‘at least one’ full weekend off each month.
So far so good. We wait with baited breath to see what James Gorman comes up with at Morgan Stanley, or what Andrea Orcel (with his reputation for 5am telephone calls) produces at UBS. A ban on being in the office from 5pm on Fridays to 11am on Sundays with mandatory weekend Blackberry removal looks like the next call in the bidding war.
Why banks’ pretensions at limiting working hours for juniors mean nothing at all. (Bloomberg)
27,915 new financial jobs were created in London last year, apparently. (Reuters)
American banks are winning all the European M&A deals. (WSJ)
Shares in Deutsche Bank and Barclays rose yesterday after the Basel Committee relaxed rules on leverage ratios. (Financial Times)
U.S. banks are seeking to limit the reach of the Volcker Rule by challenging its definition of what it means to own a hedge fund or private-equity fund. (Bloomberg)
Hey, where are all the bitches of Wall Street? (Telegraph)