Thursday 1 April 2021 3:15 pm

Moelis gives young bankers a $10,000 allowance to 'improve mental health'

Young investment bankers working at Moelis & Co will receive a $10,000 payment in a bid to improve their mental health after a gruelling year.

The boutique investment bank told employees from analyst level up to executive directors would receive a $5,000 payment followed by $2,5000 instalments to be spent on health and lifestyle. 

Moelis is also encouraging dealmakers to take one Saturday off a month except during active deals or client requests. 

There has been a concerted push by the industry to offer junior staff perks amid concerns they are working even longer hours during the pandemic. 

Last month junior bankers at Goldman Sachs claimed they had suffered “inhumane” treatment and workplace abuse after working up to 100 hours a week. 

More than a dozen first-year analysts said they had been a victim of abuse in the workplace and have, or, considered, seeking help due to deteriorating mental health. 

Like Moelis, Goldman Sachs pledged to do more to keep its younger staff out of the office on Saturdays and chief executive David Solomon said he planned to add more junior talent. 

City A.M. recently revealed Jefferies has gifted analysts and associates a Peloton bike or an ‘Apple package’ consisting of an Apple Watcj, and iPad Air and AirPods plus. 

In an email chief executive Rich Handler said the gifts were “a way to “go one step further in expressing our appreciation for all you are doing.”

“We have tried to express (our gratitude) through our continuing efforts to support your training, learning and work/life balance, with the latter in many ways being the most difficult in light of the demands of our clients and our drive to fulfil their needs,” the email read.