Citi Tells EMEA Junior Bankers to Take Two Weeks Off Over Summer
Citi Tells EMEA Junior Bankers to Take Two Weeks Off Over Summer
(Bloomberg) -- Citigroup Inc. is asking junior bankers in Europe, the Middle East and Africa to take two weeks off work by the end of September, part of the Wall Street giant’s push to improve working conditions for its youngest staffers.
The firm has also promised to give analysts and associates in the region a work-free weekend each month running from 5 p.m. Friday until 9 a.m. Monday.
The measures were introduced in the EMEA region in July to improve work-life balance for junior staff, a Citigroup spokeswoman said.
With deals booming, complaints have mounted among Wall Street’s junior bankers over long workdays that often stretch into weekends. With many still working from home, they’re also missing out on networking and meeting with peers that can make the longer hours worth it.
Citigroup’s changes come after an internal presentation by junior analysts at Goldman Sachs Group Inc. asking the firm to limit their schedule to an 80-hour work week set Wall Street abuzz earlier this year. Since then, nearly every major bank -- including Citigroup -- have boosted pay for their junior bankers and implemented changes to help staffers avoid burnout.
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