Barclays last week updated its parental leave policy for its U.S. employees to match the apparent standard-bearer, Morgan Stanley.
The British lender, as of July 1, is giving all new U.S.-based parents 16 weeks of leave, Bloomberg reported. However, the bank allows birth mothers an additional six to eight weeks of leave to recover.
The combined 22 to 24 weeks matches a policy Morgan Stanley launched at the end of 2021.
Barclays’ previous policy gave primary caregivers 16 weeks off and nonprimary caregivers six weeks.
The new policy applies to births, adoptions and foster care placements, Barclays said in a statement.
Several Wall Street banks have updated their parental leave policies in recent years.
BNY Mellon in December, began giving all new parents 16 weeks of paid leave — up from 12 weeks for the primary caregiver.
JPMorgan Chase, a month earlier, announced a policy giving 16 weeks of time off to either parent for the birth or adoption of a child, regardless of whom is the primary caregiver.
Goldman Sachs in 2019 increased its parental leave to 20 weeks paid time off for all new parents through birth, surrogacy or adoption — regardless of caregiver status.
Bank of America offers 16 weeks for primary and secondary caregiving parents, according to Bloomberg.
Citi offers 16 weeks for “birthing” parents and eight weeks for “non-birthing” parents, the wire service reported.