Credit Suisse has told its staff in London to leave work by 7pm on a Friday, according to an article by Reuters.
Plus, staff are advised not to return until at least Saturday lunchtime, unless they are working on a major deal.
Dubbed “Protecting Friday Night,” the Swiss bank’s initiative is part of a wider drive by investment banks stop talent from leaving for jobs in other areas such as technology or private equity.
In an email dated May 23, Credit Suisse told its staff in the EMEA investment banking and capital markets department that they should leave the office by 7pm on a Friday and not return until at least midday on Saturday—unless a major deal is launching or imminent, bank insiders told Reuters.
Meeting friends and families has become a luxury for bankers these days. “It means you can at least make plans one night of the week,” a person at Credit Suisse said of the move.
Recently, investment banks have become more aware of the consequences of burning out their team, especially the younger guys who are eager to prove themselves.
Credit Suisse has also launched a fast-track program for top-performing investment banking juniors, in an effort to attract and retain employees.
Staff at UBS can now take at least two hours of “personal time” a week, as the bank tries to retain staff by offering a better work-life balance.
At JPMorgan, investment bank staff are encouraged to take weekends off, unless they were working on a major deal.
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