Goldman Sachs Takes the Lead on Parental Leave

The New Policy: 20 weeks of paid leave to all parents, regardless of gender or caregiver status

What Motivated this Policy?

JPMorgan Chase paid $5 million to settle a class action case filed with the EEOC on behalf of fathers who claimed that they were denied the opportunity to take parental leave.

Other Banking Parental Leave Policies:

• Bank of America – 16 weeks paid leave regardless of gender or caregiver status
• Citigroup, Wells Fargo, Morgan Stanley, & JPMorgan Chase have different policies for primary & secondary care givers
• (International Bank) UBS Group AG – 26 weeks of fully paid parental leave for both parents

The Reality: More than 50% of fathers with these extended leave policies do not use it due to fear they will be perceived as not committed to their jobs. 1/3 worried about being fired.

Forbes | Goldman Sachs Has Upped The Ante For Paid Parental Leave On Wall Street