The action in recent months on Wall Street has been fast and furious, and not without a good number of winners and losers.
While holding a comfortable salary, or a job of any sort for that matter, is a blessing for millions, some of the shine is lost when the work week is at least 100 hours in duration.
So, what do we do to placate those overworked junior investment professionals whose eyes are firmly fixated on cash?
Give ‘em more cash!
Credit Suisse, a Wall Street firm among the world’s top-10 mergers advisors (read: big money), is attempting to ward off the potential of disgruntled workers by throwing $20,000 bonuses at them.
A CNBC story reported that company executives told mid- and entry-level investment bankers Wednesday that they can expect the windfall in the second quarter. In fact, all workers below the managing director level should see salary increases as well, according to people with knowledge of the changes, CNBC said.
It’s been a problem recently, this preponderance of 100-hour work weeks. Initially brought to light by first-year employees at Goldman Sachs, the stay-at-home-but-do-nothing-but-work situation is raising concerns.
Almost immediately, the financial institution execs jumped into action (via CNBC’s report):
- New York-based investment bank Jefferies told its analysts and associates – the bottom two tiers in Wall Street’s hierarchy – that they could choose gifts including Peloton exercise machines and Apple products.
- Citigroup CEO Jane Fraser banned internal video calls on Fridays and instituted a firm-wide holiday to address employee burnout.
- At Credit Suisse, the $20,000 bonuses were labeled “one-time, cash lifestyle allowances” and are specifically for analysts, associates and vice presidents in the bank’s capital markets and advisory group.
And the company’s dress code will be relaxed, according to Business Insider.
Makes you want to work harder, right?