GOLDMAN SACHS/BLOOMBERG

LIFESTYLE

Goldman Sachs allows more parental leave

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The decision to give all parents the same amount of time off comes in an industry that, like many others, has generally employed a distinction between ‘primary’ and ‘secondary’ caregivers.
WEDNESDAY 06, NOVEMBER 2019

New parents at Goldman Sachs Group can now take more paid time off than at any other major US bank, reported Bloomberg.

Employees can take 20 weeks of paid parental leave, up from the 16-week standard for primary caregivers at its Wall Street peers. The lender stated that all parents can take the same amount of time, regardless of gender and caregiver status.

Most major banks offer less paid time off to secondary caregivers than primary.

Though Goldman now offers the most paid leave of any major US-based bank, some big international banks already offered as much time to their US employees. Huw Williams, a spokesperson for UBS Group said that the Swiss bank will offer 20 weeks’ leave to all parents starting in January 2020, regardless of gender and caregiver status.

Discrepancies have led to allegations of bias—In May 2019, JPMorgan Chase & Co. paid $5 million to settle a discrimination claim filed by a male employee that alleged that men were discouraged from taking ‘primary caregiver’ status.

 JPMorgan pledged in that settlement to make it clearer to its male employees that they could take primary caregiver leave. Even when men are technically eligible to take the longer parenting leave, Wall Street dads can face implicit pressures not to.

TAGS: GOLDMAN SACHS GROUP JPMORGAN CHASE & CO. UBS GROUP
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