Deutsche Bank and Citigroup are set to ease conditions for their interns and young bankers as controversy over gruelling hours for trainee bankers forces US and European investment banks to rethink their traditional working culture.
The Financial Times reports that Deutsche Bank is due to introduce new global guidelines next month.
Proposals include giving interns at least four weekend days a month off work, people close to the bank said. Citi is also set to unveil new guidelines for junior bankers, a person familiar with the bank said.
A poll of more than 550 Financial Times readers shows that just over half of financial services employees in the 18-25 age bracket are working more than 60 hours a week. Nearly one in seven respondents said they were working 90 hours a week or more. Just over half of young employees said working culture needed to change.
Hit the link below to access the complete Financial Times article:
Deutsche and Citi join push to ease burden on interns (subscriber content)
Morgan Stanley: ripeness is all (subscriber content)
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