Credit Suisse will extend the paid time U.S. employees can take off from work to care for a new child as the bank seeks to retain and attract workers looking for a more accommodating corporate culture.
Bloomberg News reports that the bank will give 20 weeks of paid leave to U.S. employees who act as the primary caregiver after the birth or adoption of a child, according to Marcy Frank, a spokeswoman.
That’s up from 12 weeks of paid time off and another eight weeks of unpaid leave. The change, effective January 1, was announced to employees in a memo sent Monday by Tim O’Hara, chief executive officer and president of the firm’s U.S. business and head of the trading division.
'We certainly see this as a competitive program, and I think one of the things we are recognizing is that our competition is not just financial services', said Elizabeth Donnelly, head of benefits for the Americas. 'When you look at talent coming out of the big schools they are looking at firms that offer flexibility'.
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