display

Up to 100 hours of work a week - anyone who wanted to make a career as an investment banker had to accept long working hours and a lot of stress even before the corona pandemic.

But in the Corona crisis, the pressure has apparently increased so that the first large financial institutions counter-steer in order to relieve their bankers.

The US bank Citigroup is now saying: Friday is zoom-free.

"The blurring of home and work and the ruthlessness of the working day during the pandemic put a considerable strain on our well-being," wrote Jane Fraser, the institute's chief executive officer since the beginning of February, in an internal memo.

"It's just not sustainable."

Internal video conference calls are now taboo on Fridays.

Fraser also encouraged the Citi bankers to limit their zoom calls to the regular working hours that they have worked in the past whenever possible.

display

They should also make sure to take their vacation days.

She declared May 28th to be a "reset day" which is free for all employees.

Constant availability is a pain in the ass

"If our work gets out of hand regularly into the night, very early in the morning or on the weekends, it can keep us from really switching off, and that's not good for you, and ultimately not for Citi," said Fraser.

She was initially skeptical about whether the guidelines were correct, admitted the banker, the first woman to head a large Wall Street institute.

But the feedback from colleagues and employees around the world convinced them that the bank had to do something about the zoom fatigue.

display

With the advance, Citi is trying to get a grip on a problem that is not only affecting the financial sector: In the home office, many employees feel the pressure to be available at all times and without interruption.

The time advantage of not having to commute to the office is more than overcompensated by requests for an urgent presentation, a crucial project, an important research.

At law firms, auditors and management consultancies, too, many employees complain about the effect that working at home has robbed them of any place of retreat.

The problem got attention at the latest with the presentation of a group of young investment bankers from Goldman Sachs in the United States, who thereby drew attention to their harsh working conditions.

Formatted like an official set of slides, the document that circulates on social media describes the situation as a survey.

The young professionals describe an average workload of almost 100 hours since the beginning of the year, a massive deterioration in their mental state and physical health and a climate of regular abuse.

display

"There were times when I didn't eat, shower or do anything else except work, from morning until after midnight," one of the respondents is quoted as saying.

Investment banking has traditionally been viewed as an area of ​​extreme working hours, which in some cases has also been linked to death.

The pandemic has made the problem worse.

The need for many advisory and financing services has reached new peaks in recent months, not least because of the upheavals caused by the pandemic.

Legal and business consultants are also feeling the effects of the boom in takeovers and investment deals.

8,000 private equity deals were announced last year, a record.

The expertise of the liquidation experts is also needed in restructuring and insolvency proceedings.

No bar evenings without replacement

At the same time, there is no compensation for the hard work.

Comradeship with colleagues, an evening in the pub, a dinner together to celebrate a deal are canceled without replacement during lockdown times.

"Before the pandemic, things like evening drinks and the opportunity to go on vacation for a few days made the work seem worthwhile," the Financial Times quoted a young lawyer in a major American law firm: "Now, without the distractions With these fringe benefits, and with the freedom to rethink our options, it is becoming increasingly clear to some of us that we have made questionable life choices. "

For companies, their image as a responsible company is at stake.

In addition, they have to reckon with tangible personnel consequences.

This is also borne out by the presentation by the Goldman bankers.

When asked how likely it is, given the continuation of working conditions, to still be in the company in six months, on a scale from one to ten, the average value is a meager 3.5.

Goldman boss David Solomon has now announced that the company's "Saturday rule" will be enforced more consistently.

Accordingly, the time from 9 p.m. on Friday evening to 9 a.m. on Sunday morning should be free.

A large round of hiring in the entry-level category should also distribute the work across more shoulders.

Ultimately, the banks are hoping for a return to normalcy once the pandemic is under control to such an extent that work in the offices is possible again.

A transition to working from home on a large scale has slipped significantly down on the list of priorities for many large corporations.

According to a survey by KPMG's consultants among 500 CEOs, 17 percent are planning a significant reduction in office space, as more employees should work from home even after the end of the Corona restrictions.

In August it was 69 percent.

display

Citi boss Fraser assumes in her message to the workforce that many jobs will be carried out hybrid in the future, with at least three days a week in the office.

The past few months have shown impressively how flexible bankers can work.

For collaboration, camaraderie and the transfer of knowledge, the common workplace in an office remains very important.

She also made it clear that this kind of normalcy was still a few months into the future.

Apple gadgets for all employees

The US investment bank Jefferies is also relying on additional staff for this transition phase.

In order to cope with the currently considerable amount of work, 40 percent more analysts and young bankers will be hired this year than on average in previous years.

In addition, employees on the lower steps of the career ladder receive either an exercise bike from Peloton or Mirror or an Apple package with a watch, tablet and headphones.

The management described the extra last week as a “token of our deep appreciation”.

And hiring manager Cary Friedman made it clear that the ultimate goal is to make sure Jefferies employees have the time to use this equipment.