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Business

UBS to bankers: It's OK to take a break

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Opening sequence

Business

UBS to bankers: It's OK to take a break

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COMING UP:UBS to bankers: It's OK to take a break

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Transcript

00:00:01
>> UBS is telling stressed bankers to take a break. The Swiss lender now allowing staff up to two hours personal time each week. Reuters M&A correspondent Pamela Barbaglia says the industry has woken up to a staff health crisis.>> Well, UBS is trying to help the employees to take more time off and avoid stress because this is become a really big problem in city of London.
00:00:25
So even demand for insurance products has increased in relation to stress because then financial services institutions including banks have to pay for employees to be home sick because of stress. And this is an industry where people are working sometimes all night long, they never take a break.>> In 2013, a Bank of America Merrill Lynch intern died after allegedly going 72 hours without sleep.
00:00:50
Now, UBS hopes the new scheme will allow bankers to get the odd lie in. Dubbed Take Two, the personal time plan was suggested by employees. The question is whether ambitious and fiercely competitive staff will feel able to take up the offer.>> It's just been introduced a month ago, so it's very early days.
00:01:10
The problem with investment banking is that when there is a deal, you just can't stop and take a break and sometimes you need to go all night, so it's very difficult to time personal time.>> Goldman Sachs and J.P. Morgan, among other big banks looking for ways to ease pressure.
00:01:27
The lenders all have one big incentive to make such schemes work. Many new graduates already seeing venture capital firms and tech startups as more attractive places to work. If banks can't change that, they might miss out on the best talent.