Citi has increased the amount of leave it offers new parents based in the U.S. and Puerto Rico, effective immediately, the bank said Tuesday in a note to employees.
The bank now offers 16 weeks of paid leave to all new parents, plus up to an additional eight weeks of paid recovery time for birth mothers.
Citi is also offering two weeks of paid leave annually for employees to care for an immediate family member “with a serious health condition and not capable of self-care,” the bank wrote in a promotional video. The bank had previously offered unpaid caregiver leave.
The 24-week parental leave option matches an industry-leading policy Morgan Stanley announced in 2021 and Barclays began offering to its U.S. employees last year.
Citi previously had offered 16 weeks of paid leave for “birthing” parents and eight weeks for “non-birthing” parents, Bloomberg reported last year.
Among major Wall Street banks, Goldman Sachs offers the most leave for secondary caregivers, at 20 weeks.
Banks in recent years have boosted parental leave as an incentive to attract top talent. JPMorgan Chase and BNY Mellon in 2022 increased their paid leave to 16 weeks for all new parents.
But leave policies vary by geography for banks with a global footprint. Citi offers its U.K.-based employees 26 weeks of leave at base pay and more time at a lower-paid or unpaid status, Bloomberg reported Tuesday.
Bank of America, beginning Aug. 1, is increasing — to 26 weeks — the amount of leave it offers new-parent employees based in the Asia-Pacific region, though only 16 of those weeks are paid. The other 10 are unpaid and optional, according to Bloomberg.
Bank of America, like JPMorgan and BNY Mellon, offers 16 weeks of paid leave to all new-parent employees based in the U.S. Wells Fargo, by comparison, offers 16 paid weeks to primary caregivers and four to secondary ones, Bloomberg reported Tuesday.