Something for the weekend…
Boozy late-night entertaining was once considered an essential aspect of most investment bankers’ careers.
But employees in this industry sector could now face new curfews under codes of conduct aimed at improving the sector’s reputation.
This means that some staff may have to reconsider what they believe to be a perk of the job.
For example, some banks have placed a ban on staff members staying out later than midnight, while others have banned the expensing of shots of spirits, pricey bottles of bubbly and premiums spirits, according to law firm GQ Employment Law.
Other restrictions imposed recently include junior staff having to wrap entertainment by 10pm and bans on social media and chatrooms in the workplace..
Paul Quain, a partner at GQ Employment Law, said: “The investment banks long ago banned employees from entertaining clients in strip clubs, and now they are clamping down hard on boozy and rowdy client entertainment. It reflects the new reality of a more diverse and international financial services community who might not appreciate that kind of entertainment.
“The banks were among the first UK businesses to ban employees from using Facebook and Twitter to increase productivity so we might expect to see some of the new workplace practices in the City being taken up elsewhere.”
While some staff may see the new measures as restricting their fun, they should bear in mind that the earlier nights and reduced alcohol intake during the week will leave them feeling ready and refreshed for their weekend entertainment.