Morgan Stanley is wooing its investment bankers by introducing paid sabbaticals for newly-promoted vice-presidents and making earlier job offers to those at the start of their careers.
The Financial Times reports that the Wall Street bank’s initiatives come as lenders on both sides of the Atlantic explore more creative ways to discourage talented staff from defecting to more fashionable industries such as technology and hedge funds.
A person at Morgan Stanley said the bank had recently unveiled the four-week sabbaticals for vice-presidents (VP) and that the reaction so far had been “very positive”. Morgan Stanley declined to make an official comment.
It typically takes about five years of long hours to reach VP level, where bankers usually earn more than $150,000 a year. The Morgan Stanley banker said the sabbatical scheme would be monitored to make sure staff did not think that they would be perceived as “weak” for taking time out.
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