Independent investment bank Houlihan Lokey is offering its investment bankers an all expenses paid holiday — to an approved list of destinations — is also limiting working hours and bumping pay for its junior bankers.
In the latest perk for bankers working longer hours amid a deal-boom that is raising concerns about mental health, the bank sent a memo to employees outlining a series of changes including no work past midnight, 10 days uninterrupted holiday and protected weekends.
For its analysts, it is also increasing pay by around $5,000 and offering a one-time spot bonus of $10,000, or local currency equivalent, according to a person with knowledge of the move.
The investment bank, which embarking on a European expansion, also told investment bankers that they could choose a “global getaway”. “Whether you choose a secluded beach, or a ski adventure or a culinary experience, the choice is yours!”, the memo said.
“If we were in the NFL or NBA, we would be handing out rings,” the memo added.
Investment banks are pulling out the stops to keep their homebound junior bankers happy as deals have reached record levels and heightened workload.
Bank of America increased salaries by $10,000 for analyst within its corporate and investment bank, but also brought in its 2021 graduate class early and offering juniors more access to senior management to air their views. Credit Suisse and Moelis & Co have also introduced one-off bonuses for their analysts and mid-ranking bankers in a bid to stave of stress.
Barclays is enforcing its protected Saturdays rule, upping its allocation of uninterrupted holiday time and asking its senior dealmakers to be more thoughtful and organised with the work they allocate. Jefferies has given all of its analysts and associates subscriptions to Peloton exercise bikes.
Update: This article has been updated to show the holiday perk is for all investment bankers. Details on pay rises for junior bankers have also been added.
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