Citigroup bumps up holiday allowance for new UK staff

Citigroup Inc is increasing holiday allowances for UK staff, the latest bid by a bank to improve its working culture.

From January, new employees will get 27 days of annual leave, increasing to 28 after two years and 29 after five years, Kathryn Skelton, head of human resources in the UK, said in an internal memo seen by Bloomberg. Previously staff got 23 days for their first five years, which then increased to 25, according to a person familiar with the matter who asked not to be named discussing internal matters.

“Our benefits and policies represent the ways we support colleagues throughout all stages of life and during the realities of good and tough times,” Skelton said. Citi said the longer breaks would help staff re-energise and improve their resilience.

The move underlines how Wall Street banks are trying to hold onto top-performing staff amid continuing competition from fintechs and hedge funds, even as the economy cools. Citi’s policy comes after firms rolled out a variety of policies last year in a bid to help bankers manage gruelling workloads.

“Even as we head into a recession the battle for the best brains is going to be fierce,” Andrew Mawson, founder of the consultancy Advanced Workplace Associates, said. “Even if I’ve got two offers that are substantially the same but one gives me four extra days holiday and more flexibility then I might well be swayed.”

From January, staff around the world at Goldman Sachs Group Inc. will get a minimum increase of two days to their annual vacation entitlement, the firm said in a memo in April. All staff will also be expected to take off at least 15 days in each calendar year. A spokesman for the bank declined to say how many holidays UK staff will be entitled to, which depends on a number of factors.

Since May, Goldman’s partners and managing directors have been able to take unlimited vacation days.

At Barclays Plc employees get a standard 25 days with the option to buy additional holiday, according to a spokeswoman. New joiners at BNP Paribas SA get 26 working days, increasing to 28 days after three years and 30 days after five years, according to a person familiar with the matter who asked not to be named. In the US, BNP Paribas employees get up to 34 days a year to use for holiday and other absences, depending on seniority.

Citi staff in the UK fall short of peers at Deutsche Bank AG, who get 30 days in the UK regardless of seniority, according to a person familiar with the matter.

Holidays in the UK can be more generous than in the US. At JPMorgan Chase & Co., staff in Britain typically get between 25 and 28 days depending on role and experience, according to a person familiar with the matter. In the US this ranges between 15 and 25 days, with most employees getting 20 or 25, the person said.

A representative for Citi declined to say how the firm’s UK holiday changes compare to the US.

—Bloomberg