(Bloomberg) -- Moelis & Co., the investment bank founded by Ken Moelis, is giving its young investment bankers a $10,000 allowance for 2021 while encouraging workers to take time for themselves on Friday nights into Saturday at noon.
Executive directors, vice presidents, associates and analysts will get a $5,000 payment, then two installments of $2,500 each that the firm is encouraging to be used on improving mental health, people familiar with the matter said, asking not to be identified discussing personnel matters. Moelis is also encouraging bankers to take one Saturday a month away from work for dealmakers, except during active deals or client requests.
Wall Street's investment banks and private equity firms are looking to relieve workloads at a time when dealmaking has been elevated. Jefferies Financial Group Inc. plans to add more young talent, while Citigroup Inc. is banning internal video calls on Fridays and encouraging staff to take time off. Goldman Sachs Group Inc. has promised to do more to keep its younger staff out of the office on Saturdays, after more than a dozen analysts complained that the long work weeks have weighed on their mental and physical health.
Moelis's co-presidents Jeff Raich and Navid Mahmoodzadegan communicated the plan to employees in a virtual meeting on Wednesday, the people said. A Moelis spokeswoman declined to comment.
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