Goldman Sachs policy gives partners, managing directors flexible vacation – memo

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People walk in the Goldman Sachs global headquarters in Manhattan, New York

(Reuters) -Goldman Sachs Group Inc is giving partners and managing directors flexible vacation time, according to a memo obtained by Reuters, allowing them to take time off when needed, rather than adhere to a fixed number of days a year.

The memo, which The Telegraph reported on Saturday, said as of May 1 it was introducing the policy, allowing staff to take time off as needed without a fixed vacation entitlement.

All staff, however, would be expected to take a minimum of 15 days, or three weeks, a year, the memo said.

Goldman Sachs declined comment.

This change is significant for Wall Street banks, whose employees work extremely long hours. It comes about two months after a group of first-year Goldman Sachs analysts complained in March of being overworked and threatened to quit within six months unless conditions improved.

(Reporting by Rachna Dhanrajani in Bengaluru and Megan Davies in New York; Editing by Richard Chang and Chizu Nomiyama)