Font Size
Share this article


Print Friendly Version
06 November 2019
LIFESTYLE

Goldman Sachs allows more parental leave

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.

GOLDMAN SACHS/BLOOMBERG


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.


RELATED STORIES: JPMORGAN CHASE & CO. GOLDMAN SACHS GROUP UBS GROUP


RECOMMENDED NEWS



BRANDS MAGAZINES LATEST EDITION

OUR BRANDS



CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.


Subscribe to our News Letter

Subscribe

© 2019 CPI Financial. All rights reserved.

No part of this website may be reproduced or used in any form of advertising without prior permission in writing from the editor.