Citi's junior bankers to take Saturdays off

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Citigroup will require junior bankers to take Saturdays off and use all of their vacation time each year as the firm joins an industry effort to improve working conditions.

Bloomberg reports that analysts and associates in investment banking and capital markets origination must be out of the office by 10 p.m. on Friday and not return until 10 a.m. Sunday, according to two memos sent to the staff Wednesday by the bank. They were signed separately by Ray McGuire, head of investment banking, and Tyler Dickson, head of capital-markets origination. The contents were confirmed by Rob Julavits, a bank spokesman, who declined to elaborate.

Citigroup joins banks such as Goldman Sachs Group and Bank of America in limiting work hours to retain staff and improve productivity as the number of deals fall from pre-crisis peaks and firms limit compensation packages.

To access the complete Bloomberg article hit the link below:

Citigroup Tells Junior Bankers to Take Saturdays Off

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