International Men’s Day on November 19 has its champions and detractors. But if nothing...read more
The City institution viewed by many as typical of macho banking culture is trying to change its image with family friendly policies
.Goldman Sachs are the latest City firm to get on board the paternity leave revolution.
The City firm, regarded by many as a totem of macho banking culture, have boosted their paternity leave offer with immediate effect.
The firm now offers 20 weeks of paid leave for all parents. The policy applies regardless of whether they are the birth parent or not. And the same policy applies to parents who have adopted or become parents through surrogacy. The 20 week policy is the bank’s minimum across all its territories. UK workers at the firm can take up to 26 weeks off.
Goldman Sachs are part of a trend among City institutions. Bank of America, JP Morgan and Citibank all offer more than the statutory two weeks of paternity leave. Last week Edinburgh based Standard Life Aberdeen trumped all the competition in the financial sector with a mammoth 40 weeks of paid leave available as part of the option to take a whole year off following the birth of a baby.
Goldman Sachs has been accused of perpetuating many of the worst aspects of macho culture over the years including long hours and outings to strip clubs. But in recent years it has made a huge effort to be more family friendly.
There remains questions about how many dads will take up the leave at the firm. Many bankers fear being out of the office for an extend period would be detrimental to their careers.
“It’s the kiss of death,” Roy Cohen, career coach and author of The Wall Street Professional’s Survival Guide, said last year. “You won’t be perceived as disloyal, but others may begin to question your commitment.”
However the move is clearly part of a wider change in the City. Goldman Sachs position as a leader and role model for City behaviour makes their decision to upgrade their offer to dads particularly noteworthy.