- A year of uninterrupted work at home has exhausted Wall Street’s junior investment bankers.
- Wall Street banks and investment firms are responding by giving their junior employees money and benefits.
- Here is a summary of what the companies have done so far.
- See more stories on the Insider business page.
Junior bankers are revolting.
Whether it is leaked presentations by junior employees exposing their dissatisfaction with their working conditions or widespread leave of associates at some companies, the younger generation on Wall Street is revealing its feelings.
The complaints come after a year of frantic business and work at home. Their bosses are responding with the promise of protected breaks, benefits and, in some cases, special bonuses.
Here is an analysis of the latest news in each company.
Goldman Sachs
CEO David Solomon vowed to protect Saturday’s for junior bankers after a survey detailing “inhuman” conditions went viral. The February survey was developed and conducted by 13 Goldman Sachs first-year analysts on recorded hours and working conditions.
The findings included estimates for this year on the number of hours worked in the week (98), hours slept every night (five) and time they sleep (3 hours). All respondents said their hours of work negatively affected relationships with friends and family, and 77% said they felt victims of abuse in the workplace.
Insider previously reported on a leaked pitch presentation, showing that analysts had been begging for changes since starting work at home.
Apollo
The company is struggling with the departure of a large part of its class of associates, an exodus that removes the manpower necessary to sustain its active business flow. Seven of the 30 private equity associates at Apollo’s New York office, along with a director, have left the company in the past three months. Others also plan to quit, according to a current and several former employees who are aware of the situation.
In response, Apollo is offering six-digit retention bonuses to some of its private equity associates after several young executives left the company, Insider found. In an effort to contain the withdrawals, Apollo extended bonuses of $ 100,000, $ 150,000 and $ 200,000 to first, second and third year members, respectively, to be paid in April, according to two people familiar with the Subject. The bonuses come with the stipulation that members stay with Apollo at least until September 2022.
Swiss credit
Credit Suisse has told some mid-level and young employees in its global capital markets and consulting group that they expect to receive salary increases and bonuses in the coming months. The Swiss bank plans to distribute a $ 20,000 bonus to analysts, associates and vice presidents, with bonuses reaching the accounts as early as the second quarter of 2021.
The company will also increase the salaries of people in the global capital markets and the advisory group at the board level and below, which includes vice presidents, associates and analysts. Salary increases will take effect for directors, vice presidents and associates as early as April.
The company will also implement a relaxed dress code when employees begin to return to the office, but the requirements of the traditional dress code will remain in place for client meetings.
Jefferies
Jefferies Financial Group CEO Rich Handler and President Brian Friedman, the top investment bank executives, sent a memo to their 1,124 analysts and associates around the world on March 18, offering them a choice of gifts for thank them for a year working and producing solid results for the company.
On offer are a Peloton home training bike with a one-year subscription, a Mirror Home Workout system with a one-year subscription and a set of Apple products including Apple Watch, iPad, AirPods Pro and AppleCare Plus coverage.
Citi
Jane Fraser, Citigroup’s new CEO, announced that the company would no longer hold video conferences on Fridays, labeling the change ”
Enlargement
Free Fridays “in an internal memo for the team. Fraser also said that May 28 would be a company-wide holiday and called it” Citi Reset Day “. Financial News first reported in the memo.