As banks continue to roll out perks to keep juniors happy in one of the hottest hiring markets for a decade, laggards are rushing to catch up. Following Guggenheim's generous offer of pay rises backdated to the start of the year, Lazard has reportedly unveiled its own package to keep analysts and associates on side.
Instagram account Litquidity says Lazard's New York bankers have been informed that they can work anywhere they like for a month as part of a package of perks that also includes half a day a week at home once they return to the office after Labor Day in early September and an hour off for dinner each night. Unlike Bank of America, Credit Suisse, Guggenheim and others, Lazard isn't offering a pay rise.
Lazard didn't respond to a request to comment on its 'work anywhere for a month' offer. It's not clear whether it also applies in Europe. Last week, Lazard CEO Ken Jacobs said long hours "come with the turf" in banking. Last month, Lazard told us it was busy hiring juniors in both France and London.
As banks encourage people back into the office, the flexibility to spend at least part of the year working from anywhere is likely to be appealing. Instagram has been littered with posts by junior bankers ostensibly working by poolsides. One banker we know spent much of the past year working in Mexico. Another associate told us he'd decamped to California: "I thought it would be nice to be by the beach. All you really need is a desk, fast internet and I personally like three monitors. So as long as I have those elements, I can work anywhere."
As ever, established banks aren't quite as generous as newer players. Revolut, the British app-based bank, is also offering people the opportunity to work from anywhere - but it's doing so for two months a year instead of one.
Nonetheless, Lazard looks forward-thinking compared to some rivals. In another post on Litquidity, an Evercore junior says the boutique bank is offering protected Saturdays and protected vacations for analysts and associates, but no extra money immediately. Evercore is instead reportedly promising higher awards in the coming bonus round.
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