Senior bankers at Goldman Sachs will now have the option to take unlimited vacation days, but time off for junior staffers who have complained of brutal work weeks will remain limited, according to a report.
As part of the new policy, all Goldman employees will be required to take at least three weeks vacation time starting next year, according to Bloomberg News.
The most senior staffers — including partners and managing directors, where Goldman recently has seen an exodus of top talent in recent months — will be able to take time off “without a fixed vacation day entitlement.”
Junior-level workers, however, will still be limited as to how much time off they could take, though they will be awarded two extra days off each year.
Goldman Sachs officials didn’t immediately return a request for comment on the report.
Goldman has sought to improve work-life balance among its employees after complaints from junior-level staffers that they were made to work 100-hour weeks.
Earlier this year, bankers at the company threatened to quit over management’s demands that they show up to work at the office five days a week.
When Goldman instituted a mandate for staffers to return to the office, junior bankers reportedly started interviewing for jobs elsewhere that offer more flexibility.
David Solomon, the bank’s hard-charging CEO, said earlier this month that more than half of Goldman employees — between 50% and 60% — have returned to work on site full time.
Last month, Goldman also angered employees by scrapping free daily car rides to the office, a perk that was introduced during the pandemic.
That same week, the bank said that it would hike its meal allowance to $30 from $25 — two months after The Post reported that staffers complained they couldn’t even afford a Chipotle meal with their low stipend.
Other Wall Street firms are trying to entice workers by offering a better work-life balance.
Citigroup recently announced that it would open offices in the Spanish coastal town of Malaga, where junior staffers could enjoy warm weather and a relatively low cost of living.
JPMorgan Chase initially required its work force to return to the office full time, but management showed more flexibility and allowed staffers to work from home three days a week.
Credit: Source link