Expanded maternity leave benefit for birth mothers at Citi now offers 24 weeks of paid time off.
In the dynamic world of banking, a notable trend is emerging: an increase in parental leave as a competitive advantage. This shift towards more inclusive and extended paid leave for both primary and secondary caregivers is particularly prevalent among major Wall Street banks.
Goldman Sachs currently leads the pack, offering 20 weeks of leave for secondary caregivers. Citi, another banking giant, has upped its game by providing up to 24 weeks of paid leave to all new parents, including eight weeks of recovery time for birth mothers.
This evolution in parental leave policies is not confined to North America. TD Bank, for instance, offers 16 weeks of paid parental leave in the U.S. to all new parents, with eligibility for both primary and secondary caregivers, regardless of gender. Canadian employees receive six weeks fully paid parental leave, topped up by the company.
Similarly, other organisations, such as Johns Hopkins University, are extending support for new parents beyond statutory minimums, offering four weeks of paid leave for parents, with an additional six weeks of birth recovery leave for birthing parents.
Globally, maternity and parental leave trends show significant regional variation. Europe and Central Asia have seen the largest increases in maternity leave days over the past decades, followed by high-income OECD countries. However, paternity leave extensions lag behind maternal leave increases except in high-income economies.
Comprehensive global reviews confirm disparities and uneven progress, with many countries still providing limited statutory paid parental leave compared to leading examples in North America and Europe. Some companies, like Nelnet in the U.S., are actively updating their parental leave policies towards the American Public Health Association’s recommendation of at least 12 weeks paid maternity leave.
International policy forums, such as the G20 Labour and Employment Ministers, emphasise commitments to enhance employment quality and gender equality, which implicitly support extensions and improvements in parental leave as part of fostering inclusive labor markets.
Among banks with a global footprint, differences in parental leave policies exist. For example, Citi offers 26 weeks of leave to U.K.-based employees at base pay, with additional time at a lower-paid or unpaid status. Bank of America offers 16 weeks of paid leave to all new-parent employees based in the U.S., similar to JPMorgan and BNY Mellon.
Some banks, such as Wells Fargo, offer different amounts of paid leave to primary and secondary caregivers. Bank of America increases leave for new parents in the Asia-Pacific region to 26 weeks, with 16 weeks paid and 10 weeks unpaid and optional.
This disruption in the banking industry includes variations in parental leave policies among banks. Citi's new parental leave policy matches the industry-leading policies of Morgan Stanley (announced in 2021) and Barclays (implemented last year).
In addition, Citi has increased the amount of leave it offers new parents based in the U.S. and Puerto Rico to 16 weeks, effective immediately. Banks, including JPMorgan Chase and BNY Mellon, have boosted parental leave as an incentive to attract top talent, and in 2022, both increased their paid leave to 16 weeks for all new parents.
Citi also offers two weeks of paid leave annually for employees to care for an immediate family member with a serious health condition.
In conclusion, the banking sector is witnessing a shift towards more inclusive and extended parental leave policies, with North American banks offering between 6 to 16 weeks of paid parental leave with inclusive eligibility. Globally, maternity leave varies widely, with Europe and wealthier countries leading longer paid leaves. Efforts continue globally to promote gender equality, paternity leave expansion, and policy innovations to better support working parents.
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