Goldman Sachs allows partners and managers to take more time off

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Goldman Sachs allows partners and managers to take more time off

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

The Reuters -- Goldman Sachs Group Inc will allow its partners and managers to take as much time off as they want, according to a new flexible vacation scheme designed to promote rest and recharge, according to an internal memo.

As of May 1, there will be no cap on paid leave and senior staff can take time off without a fixed vacation day entitlement, according to the Wall Street bank memo.

The memo stated that all employees are expected to take at least 15 days of leave per year from January, with at least one week of uninterrupted time off.

Wall Street banks, whose employees are extremely long hours, are impacted by this change. 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 improve.