Barclays said it’s letting staff in the U.S. take more time off after having a baby, following a trend on Wall Street to try and make it easier for bankers to “successfully integrate” their professional and personal lives.
Bloomberg News reports that non-primary caregivers can now take up to six weeks off with pay, as opposed to one, following a child’s birth, adoption or foster-care placement, according to a statement from the lender. Primary caregivers will be allowed to split their 16 weeks’ leave into two chunks instead of having to take it all at once.
Barclays is the latest bank to adopt a friendlier approach in a bid to retain employees as pay gets less generous and financial companies compete with other industries that offer many perks. Goldman Sachs, Morgan Stanley and Credit Suisse have also made changes such as requiring analysts to take some weekends off and improving the treatment of interns and junior employees.
“We recognize the importance of our people in the continued success of Barclays, and these enhancements support our culture of building a flexible work environment,” Joe McGrath, chief executive officer of Barclays in the Americas, said in the statement. The new policies apply to both investment bankers and Barclaycard credit-card unit employees in the region.
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