Daily Archives: January 14, 2014

Andrew Hill

Credit Suisse is the latest investment bank to issue an edict aimed at protecting the work-life balance of its junior employees – and it is getting roasted for it by bankers themselves.

Bloomberg reported (and the bank confirmed) that Jim Amine, global head of investment banking, had decreed in a memo that “analysts and associates in the US investment banking division should be out of the office from 6 pm Friday until 10am Sunday unless they’re working on an active deal”.

So ordered. Except that commanding your ambitious junior employees to limit their workload – Bank of America, JPMorgan and Goldman Sachs have taken similar action – is quite likely to be useless, if not counter-productive. To change working practices requires a profound cultural shift, and judging from the reaction to the latest news that is not likely to happen soon. 

John Gapper

Charter Communications’ hostile bid for Time Warner Cable, on the heels of Suntory’s agreed $16bn acquisition of Beam Inc, puts me in mind of Percy Bysshe Shelley’s Ode to the West Wind:

Drive my dead thoughts over the universe

Like withered leaves to quicken a new birth!

And, by the incantation of this verse,

Scatter, as from an unextinguished hearth

Ashes and sparks, my words among mankind!

Be through my lips to unawakened Earth

The trumpet of a prophecy! O Wind,

If Winter comes, can Spring be far behind?

Like romantic poets, M&A bankers and lawyers are always trying to stir up activity, talking hopefully of their belief that deal-making is about to blossom. Perhaps there is some evidence that something is indeed stirring after the winter of recession.