Life is going to get a little easier for the up-and-coming investment bankers at Bank of Montreal.
The Globe and Mail reports that in what is believed to be a first in Canada, the firm’s securities arm is putting in place new rules to ensure junior bankers get at least a little bit of time off, and senior bankers don’t unnecessarily load them with last-minute work. It’s part of a global trend by big-name firms from Goldman Sachs to Credit Suisse to try to ease the burden on junior staffers.
Serious concerns about interns working long hours gained traction after a 21-year-old Bank of America Merrill Lynch intern was found dead at his London home last summer after allegedly working for 72 hours without sleep. An inquest found he died of natural causes.
BMO’s initiatives go beyond weekends off. Technology will be upgraded to enable people to get work done faster. And employees will be actively encouraged to get out of the office when need be to handle their personal lives, rather than hanging around trying to look busy in case a boss is looking – the dreaded 'face time.'
'That’s senior management saying we don’t have any time for ‘face time,’' said Darryl White, BMO’s global head of investment and corporate banking.
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