Millennials can be demanding in the work place.
They tend to want career mobility, one-on-one attention, and to do rewarding work that has an impact.
It’s no different on Wall Street, and investment banks are listening.
Goldman Sachs last fall announced an initiative to fast-track its junior bankers, as well as provide them with more mobility and lessen their workloads. Other banks have followed suit, including JPMorgan, Credit Suisse, and Citi.
Now Deutsche Bank is taking a new tack.
That firm, which already has an accelerated career path for analysts, is launching a new leadership program for vice presidents, who will be tasked with overseeing a group of analysts and associates.
The hope is that the program will give young bankers the one-on-one attention they crave, and help identify vice presidents who have a knack for management.
The plans are a US initiative, but are expected to roll out globally.
Vice presidents in the new program will be called Resource Managers and will have a hand in things like promotions, career development, and recruiting junior bankers. Previously those responsibilities fell to different people in different groups without much consistency.
The idea is to train high-performing VPs for leadership roles and elevate their profiles across the firm. On the flip side, junior bankers will get a single point of contact for career development questions and a direct advocate within the firm.
Really, though, it’s about finding ways to keep people from leaving the firm.
For the new program to be successful, though, Deutsche will need to find VPs willing to relinquish most of their client accounts and deals. Resource managers will still work on some transactions, but their primary job will be to manage the young bankers.
That could be a tough sell.