Investment bankers will be getting more time off, according to an email newsletter from eFinancialCareers.
Jeff Urwin, global head of investment banking at J.P. Morgan, has confirmed reports that the bank will indeed introduce “protected weekends,” where analysts and associates are barred from even entering the office during one weekend every month.
Wow, one whole weekend free from work. How rare is that for anyone nowadays? But wait, you don’t need to be in the office to work. You can sneak in a little deal-making by working remotely. I’m sure some of the more competitive bankers will continue to be productive every weekend even if they’re banned from the office.
More hiring will be needed.
But that’s not all. Urwin also reportedly told employees that J.P. Morgan will hire roughly 10% more junior investment bankers in 2014, likely due, at least in part, to the need to fill in the gaps created by the protected weekends. No matter what the cause, J.P. will extend more employment offers in the coming year.
A good sign for job growth?
Both of JPM’s moves fall in line with those made by Goldman Sachs, which also announced it would be dialing back the workload thrust upon its junior workers and will hire more in 2014.
Whether they want to or not, other banks will surely need to follow suit. Goldman and J.P. Morgan didn’t make these decisions out of the kindness of their heart. They did it because the pay at the junior level isn’t what it used to be and talented people are getting burned out and leaving the profession early. Or worse, they are heading to Silicon Valley before ever step foot in the building.
- Working hours: Has Bank of America turned into Goldman Sachs? (eFinancialCareers)
- Long hours may explain why educated women quit the workforce – ‘the time divide’ (Cost of College)