Credit Suisse urges junior staff to take Saturdays off
Credit Suisse follows JPMorgan, Bank of America and Goldman Sachs in effort to improve working practices on Wall Street
Credit Suisse has become the latest investment bank to introduce new guidelines for junior bankers in a bid to improve working practices on Wall Street.
The Swiss bank is urging junior staff to stay away from the office on Saturdays, according to an internal memo sent by global head of investment banking, Jim Amine.
Under the new guidelines, which apply to Credit Suisse's US investment banking division only, analysts and associates will no longer be allowed in the office from Friday 6pm through Sunday 10am unless they're working on an active deal. Exceptions should be approved by team leaders.
The memo discourages staff from setting up conference calls on non-active projects on Saturdays. Employees are still expected to check their e-mails and reply in a timely manner.
The death of 21-year old Bank of America intern, Moritz Erhardt, who collapsed in the shower of his London accommodation last summer after reportedly working for days without rest, prompted calls to overhaul the gruelling hours undertaken by some interns and junior staff.
Most recently, former interns at Barclays in Hong Kong told the Wall Street Journal that the punishingly long hours caused them to take what they described as “toilet naps”- exhausted summer interns would plug in headphones and take naps in toilet cubicles.
Global players, including JPMorgan, Bank of America and Goldman Sachs, have also introduced new guidelines cutting back hours in an effort to improve working conditions on Wall Street.
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