Credit Suisse Tell Their Junior Bankers to not Work Saturdays to Try and Curb Stress at Work

Credit Suisse Tell Their Junior Bankers to not Work Saturdays to Try and Curb Stress at Work

Credit Suisse’ junior bankers are not permitted to work Saturdays in the US Canada and Latin America.
But the bank has said that they can work Sunday as long as it’s after 10am.
This move is an attempt to help improve junior bankers job quality after concerns that working extremely long hours is the norm in the financial sector.
A Credit Suisse spokesperson told the BBC that other steps include the creation of a fast track promotion programme for top performers and a new mentoring scheme.
The stress and wellbeing of employees in the financial industry has been under scrutiny after former boss of the Financial Services Authority (FSA) Sir Hector Sants Barclay’s head of compliance resigned because of stress at work and exhaustion.
Richard Coulthard head of Stress at Work at Michael Lewin Solicitors said: “ ‘Having advised a number of bankers I can fully understand the pressure and expectations placed on bankers by their superiors. Memo’s such as the one issued by Credit Suisse are designed to give the impression of a caring employer but even this memo is full of ‘ifs’ and ‘buts’ which give a clear undertone that weekend working is expected in the financial sector with little or no regard for the health and safety of the employees’
Richard went on to say that ‘The memo issued by Credit Suisse appears to state little more than if you are working these hours then you need to explain why you are working these hours but the problem is much more significant than this in the financial sector as many junior bankers have to report to people who have ‘been there done that’. The attitude of many senior bankers is along the lines of ‘I use to do these hours so why cant you’ and I suspect that reporting working excessive hours will simply fall on deaf ears as there is a lack of appreciation of the nature and severity of psychological illness caused as a result of work related stress’
Late 2012 Merrill Lynch reviewed their junior staff working conditions after the death of Moritz Erhardt

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