Life will get a little easier for the up-and-coming investment bankers at Bank or investment company of Montreal. Serious concerns about interns working extended hours gained grip after a 21-year-old Bank or investment company of America Merrill Lynch intern was found dead at his London home last summer after allegedly doing work for 72 hours without sleep. An inquest found he died of natural causes.
Technology will be upgraded to enable visitors to get work done faster. Darryl White, BMO’s global mind of investment and corporate and business banking. From the standards of all of those other global world, the measures may not appear like much. Junior bankers will now be guaranteed one full weekend off per month, that is “protected” from interruptions. If they can not take that weekend because deals are just too pressing, they can bank or investment company it. Mature managers will be asked to stop assigning work after 2 p.m. Friday unless it is something that can’t wait around, such as quantity crunching on the deal that is happening. The goal is to try to minimize unnecessary work on other weekends.
Would-be bankers know what they are receiving into when they apply for a job. The hours can be long, and worse, they can be unpredictable. When a client telephone calls with a deal, staffers are anticipated to swing into action. Junior bankers produce reams of presentations known as matchbooks to suggest potential deals to clients.
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They also do a lot of the analytical number-crunching for transactions. The incentive is the potential of one day generating million-dollar pay deals and the adrenaline rush of focusing on game-changing transactions. Even so, workers are demanding more of employers, even ones in highly paid industries such as investment banking. That’s creating the beginnings of a wave of change in the field. Credit Suisse has told its junior bankers to remain away from any office on Saturdays, unless there is a deal that is “live” and can’t wait. Bank or investment company of America’s investment banking unit in addition has informed junior staffers to vanish on weekends when possible.
Goldman Sachs has struck an activity force to attempt to find ways to make life more livable for staff on the lower rungs, and JPMorgan has set up a “protected” weekend a month similar to BMO. Bank or investment company of America’s memo said the company wanted to encourage “”the effective use of our time and resources, support work-life balance, increase our junior banker staffing levels, and enhance the overall work experience.
BMO’s project began in the summer, when the firm asked groups of junior bankers what they thought should be achieved. The message the firm got was that individuals don’t mind spending so much time, Mr. White said, however they do prefer to feel they are working more smartly and that their time is used respectfully.
To be certain, there is plenty of skepticism around such initiatives. Will banks adhere to the higher club they are establishing really? Mr. White stressed that BMO has tried to build in mechanisms to make sure nobody flouts the operational system. For instance, any senior banker attempting to assign work Friday afternoon will demand approval from the head of his or her group. Fear of showing up too many times in their bosses’ offices with such requests should power bankers to ensure that work that could be done earlier in the week is looked after before it ruins a junior banker’s weekend.