Credit Suisse is extending paid parental leave to 20 weeks for its US employees.
The bank’s parental leave package was 12 weeks, but it has opted to offer an additional eight in a bid to attract and retain top talent.
The policy applies to the bank’s 8,500 US workers and includes hourly and salaried employees who work at least 20 hours a week.
Both male and female primary caregivers are covered by the policy. The paid leave can be taken at any time in the 12 months following a baby’s birth.
Credit Suisse will also roll out a new programme allowing nannies to accompany employees travelling on business trips with infants. From January 2016, the bank will pay for nannies’ travel and subsistence costs.
Elizabeth Donnelly, head of benefits for the Americas at Credit Suisse, said: “We felt it was the right time to adjust our policies to be more competitive.
“We recognise that millennials are asking for more flexibility and a better integration between work and life.”