The new scheme at Goldman comes as firms are increasingly raising salaries and offering lavish benefits in an attempt to attract and retain talent.
The Wall Street behemoth is widely regarded as one of the best-paying investment banks in the world, with its New York-based staff earning an average of $190,000 ($274,000) a year in return for -brutal 16-hour days.
The move makes Goldman the first major financial institution to implement such a policy and marks a significant shift for the bank, which has historically been associated with having a tough culture that forces employees to work extremely long hours.Credit:Bloomberg
In the UK, Goldman paid the highest bonuses last year of any bank, handing out an average of £180,000 ($318,000) to -associates and £350,000 to its vice presidents, according to a report from Dartmouth.
The bank has been one of the few major lenders to get staff back into the office five days a week, with David Solomon, chief executive, calling working from home a “temporary aberration”.
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Major banks are scrambling to make themselves more appealing amid fears poor work-life balance is leading to high levels of staff attrition. In March, Citigroup said it was setting up a office in Malaga as part of efforts to retain staff.
Goldman’s more junior staff will be given an additional two days off each year. Goldman declined to comment.
Telegraph, London
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