Banks take the fight for mental health in-house

Bankers with mental health problems are often reluctant to admit to them in case their bosses think they can’t hack the pace. (Shutterstock)
Updated 04 June 2019
0

Banks take the fight for mental health in-house

  • Therapy in the office is just one of the measures employers are adopting

LONDON: In “Billions,” a US television show set in the world of hedge funds, traders at the fictional Axe Capital regularly attend sessions with an in-house psychiatrist. 

In real life, finance professionals are rarely so open about seeking psychological help. 

On Wall Street and in the City of London, hyperambition and an “always on” attitude are richly rewarded and people are often wary of revealing something that could be perceived as a weakness. 

Two out of three people working in financial services have experienced mental health issues as a result of work or where work was a related factor, according to a 2018 survey, broadly in line with the wider workforce. The Mental Health at Work poll questioned over 4,600 British employees from a range of industries. 

Many don’t tell their bosses for fear of damaging their careers. 

“Stigma definitely still exists,” said Beth Robotham, an executive director at Goldman Sachs in London. 

HIGHLIGHTS

• Many employees fear coming forward with mental health problems.

• Banks stepping up on-site support.

• Senior bankers share mental health experiences to end stigma.

“Legislation is supposed to protect people from that kind of discrimination and employers are trying much, much harder but it would be naive of me to say that that wasn’t an issue any more.” 

Robotham experienced anxiety attacks when she was in charge of recruiting bankers focused on the health care sector for Goldman in Europe, the Middle East and Africa (EMEA) in 2010. It took her months to tell her managers and seek help. 

“I just assumed that people like me must just fall out of ‘the system,’ and therefore I should just keep quiet or else I will be pushed out,” she said. 

Robotham, deputy chair of the City Mental Health Alliance, which promotes good mental health among London’s financial workforce, is one of a growing group 
of executives choosing to speak publicly about their problems to reassure others they are not alone. 

Beth Robotham, an executive director at Goldman Sachs, London. (Reuters)

People can experience anxiety, depression and other mental health issues regardless of their job. 

But punishing schedules can pile on extra pressure. All-nighters and 100-hour work weeks are not unusual in investment banking, particularly when working on deals or public offerings of debt or equity. 

Some 44 percent of banking employees said they felt under excessive pressure to perform in their work, according to a survey of over 70,000 people carried out by Britain’s Banking Standards Board last year. A quarter said that working at their firm was bad for their health. 

In recent years, banks have tried to lighten workloads, relax dress codes and give staff more time to focus on life outside the office to retain talent and avoid costly burnout. 

But bankers with mental health problems, especially those still early in their careers, are often reluctant to flag them in case their bosses think they can’t hack the pace. 

Matt Evans, global head of investment bank recruiting and head of firmwide recruiting for EMEA at JPMorgan, said he spent nearly 20 years concealing his struggle with depression until the  bank’s “This Is Me” campaign in 2017 prompted him to share his experiences. 

“There’s been no downside for me in telling my story. The support I’ve had has been significant,” he said. “I got promoted to MD after disclosing my condition.” 
Evans was recently diagnosed with bipolar disorder and took three months off last year. He was phased back into work in December and said he is “100 percent convinced” the break will have no impact on his professional prospects. 

But not everyone shares his confidence around attitudes to mental health. 

While it is illegal for employers to discriminate against people for having mental health problems, more than half of 2,000 UK workers surveyed by health-tech firm Mynurva feared telling their manager would hinder their chances of promotion, while 57 percent believed disclosure would harm relationships with colleagues. 

Mental health first aiders in Goldman Sachs’ London office. (Reuters)

Mynurva, which provides online counselling, also reported a surge in demand from financial executives who are bypassing their employers’ services because they fear the consequences.

“The findings show the fear and  embarrassment employees have when disclosing their condition to their employer. And it explains why professionals would rather suffer in silence than seek the necessary help,” said Dr. Zain Sikafi, CEO of Mynurva. 

One in four people will be affected by mental or neurological disorders at some point in their lives and the annual cost to the global economy is estimated at $1 trillion in lost productivity, according to the World Health Organization. 

Brian Heyworth, global head of client strategy at HSBC and chairman of the City Mental Health Alliance, wants his bank and others to help employees before they become seriously ill. 

“In an organization of 235,000 people, some will be having suicidal thoughts but many more will be sliding along the spectrum toward that point. We want to anticipate and prevent that,” he said. 

HSBC is considering hiring on-site counsellors as part of its “Healthiest Human System’ initiative, the brainchild of CEO John Flint. 

JPMorgan’s first UK-based on-site counsellor is due to start work at the bank’s offices in London’s Canary Wharf this summer. 

The bank already has full-time counsellors in nine US locations, including New York, Delaware, Chicago and Texas, and also offers a Resilience App providing stress management tips. 

Goldman Sachs is planning to train dozens of UK staff as mental health first aiders so that they can spot signs that colleagues may be starting to spiral due to stress or anxiety — including changes in appearance, working habits or social patterns, Robotham said. 


 


Lufthansa announces overhaul of budget carrier Eurowings

Updated 24 June 2019
0

Lufthansa announces overhaul of budget carrier Eurowings

  • Lufthansa cited falling revenues at Eurowings as a major reason for its warning on full-year profits on June 16
  • Eurowings’ long-haul business would be managed by Lufthansa in the future

BERLIN: Lufthansa on Monday announced a turnaround plan for Eurowings in which the budget carrier will focus on short-haul flights and seek a 15 percent cut in costs by 2022 in the hope of returning to profit.
The German airline cited falling revenues at Eurowings as a major reason for its warning on full-year profits on June 16. Eurowings’ revenue was also forecast to fall sharply in the second quarter.
Lufthansa said its Eurowings fleet would be standardized on the Airbus A320 family and it would seek to boost productivity at Eurowings by limiting itself in Germany to one air operator’s certificate.
Brussels Airlines — the Belgian national flag carrier which Lufthansa took control of in 2016 — would not be integrated into Eurowings, Lufthansa said. A turnaround plan for Brussels Airlines will be announced in the third quarter.
Lufthansa also said it would start pegging its dividend payout ratio to net profit in the future to give the group more flexibility. It would pay out a regular dividend of 20 percent-40 percent of net profit, adjusted for one-off gains and losses.
Lufthansa said Eurowings’ long-haul business would be managed by Lufthansa in the future.
Carsten Spohr, Chief Executive Officer of Lufthansa, said Monday’s announcements sent “a clear signal that this company cares about its shareholders and tries to create value for them.”
Lufthansa said its Network Airlines — made up of Lufthansa, Swiss and Austrian Airlines — would aim to use innovations in sales and distribution to make a contribution to increasing unit revenues by 3 percent by 2022.
Network Airlines will aim to reduce unit costs continuously by 1 to 2 percent annually, the airline said.