• 60+ plus hour weeks now relatively rare and 70+ hour weeks almost non-existent compared to four years ago.
• 5 percent of City workers today say they routinely work more than 60 hours a week, compared to 10 percent in 2012.
• One bank is encouraging employees to leave by 7pm on Fridays and not return to work on Saturday mornings.

The City’s long hours culture is becoming far less pervasive than it was even four years ago, with 60+ plus hour weeks now relatively rare and 70+ hour weeks almost non-existent, reveals research by Astbury Marsden, the leading recruitment firm.

Just 5 percent of City workers today say they routinely work more than 60 hours a week, compared to 10 percent in 2012. Only 1 percent now say they typically work more than 70 hours a week, down from 4 percent four years ago. The proportion who spend more than 50 hours a week at work has fallen to less than a quarter (23 percent) this year, down from almost a third (32 percent) in 2012. Working weeks of between 41 and 50 hours are now the norm for more than half (52 percent) of respondents – although this is still higher than the UK full-time average of 37.6 hours per week*.

The decline in working hours comes as growing numbers of City employers make flexible working arrangements more widely available to their staff, and workers see such benefits as an increasingly key part of their overall package. This is particularly important as investment banks compete with fintech and technology companies for the most talented young employees who expect a more balanced lifestyle. Adam Jackson, Managing Director of Astbury Marsden says, “The City’s hard-working ethos hasn’t gone away but it’s becoming far less all-consuming than it used to be.”

“The days when you would be frowned upon if you didn’t routinely put in twelve hours a day or even longer appear to be less common. City firms are actively encouraging staff to have a life outside of work, so that they can manage other commitments and have outside interests and hobbies. Some are implementing innovative initiatives to help reduce work pressures while keeping them motivated and productive.”

For example, one bank has just launched a scheme encouraging employees to leave by 7pm on Fridays and not return to work on Saturday mornings, to help improve their work-life balance, while another allows its staff at least two hours of “personal time” a week.

Adam Jackson adds, “At the same time, flexible working – which many workers not so long ago feared to ask for, anxious that they’d harm their career by being seen as less committed and less motivated than their peers – is now comparatively commonplace. For many workers, this ranks high up on the list of important employee benefits when looking to move jobs. With investment banks increasingly competing for talent with less traditionally-structured Fintech players, they’re becoming far more aware that greater freedom and flexibility can be major selling points.”

Astbury Marsden’s research found that option to work from home is now widespread – 62 percent of City workers surveyed say they are now able to do this – up from 46 percent just two years ago. Flexi-time, annual hours or compressed hours are also gaining traction – a third (35 percent) say they now have this option (compared to 27 percent  two years ago), while part-time/term time working or job sharing are available to 26 percent of City workers today (up from 18 percent in 2014).

Fall in City working hours comes as flexible working arrangements gain traction