Top brass at Goldman Sachs are entitled to as many holidays they want, while junior staff have been given just two additional annual leave days, an internal memo has revealed.
Caps on the number of paid leave days partners and managing directors at the Wall Street titan were scrapped at the start of this month under a new “flexible vacation” policy.
The news was first reported by The Telegraph.
The move comes in stark contrast to Goldman’s historical reputation for having one the most intense working cultures on Wall Street.
Firms are trying new incentives to attract and retain staff amid a tight jobs market in the financial services sector.
A group of junior bankers at the firm last year went viral after slides of a presentation to senior staff pleading with them to work no more than 80 hours a week were leaked.
“As a firm, we are committed to providing our people with differentiated benefits and offerings to support well-being and resilience,” the internal memo said.
Junior staff will get two more days off each year under the new policy.
City A.M. has reached out to Goldman Sachs for comment.