J.P. Morgan job shows why bankers should choose Frankfurt
J.P. Morgan is expected to move some of its London jobs to Frankfurt because of Brexit. If you're an employee at the bank who plans to become a parent, that could be good news. A job currently posted on J.P. Morgan's own site reveals why.
The job in question is for a Frankfurt-based executive assistant in the M&A business to cover a period of maternity leave. The period of maternity leave will last for two years.
This might sound exceptional, but it's not as long as it could be. In Germany, any new parent who is a main care giver can take parental leave for up to three years. During that time, a job must remain open and a contract cannot be terminated. A parental allowance worth up to two thirds of the salary, up to €1.8k monthly, is payable during the first 12 months off.
Parents at J.P. Morgan in the U.S. in particular are likely to be gobsmacked by the bank's German generosity. In the U.S. there's no such thing as mandatory parental leave but JPM kindly offers its U.S. primary care givers sixteen weeks off, (fully paid). Suddenly, this doesn't look so great after all. The policy is already causing fuss from J.P.M fathers who claim they're being discriminated against as they're not designated the primary care givers.
Whether ambitious front office bankers actually take two or three years off in German when they have children is, of course, another question. Somehow, we think this is unlikely...