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The Credit Suisse multinational financial services group has told its junior bankers in the US, Canada and Latin America not to work on Saturdays, unless they are involved in a “live trade”. They may, however, work on Sundays after 10am.
The Saturday policy is among changes intended to improve job quality for Credit Suisse junior bankers amid worries about the long hours culture in the US financial sector.
Other steps include a new mentoring scheme and a fast-track promotion route for promising performers.
In the UK Sir Hector Sants, who was chief executive of the Financial Services Authority throughout the financial crisis, resigned as head of compliance at Barclays Bank because of exhaustion and stress. He joined Barclays in January last year but took sick leave in October.
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