Deutsche Bank is increasing paternity leave from four weeks to 16 weeks, effective from 1 April 2023.
The enhanced policy, which is being offered to employees in the UK and Ireland, will apply to all children born or adopted on or after 1 January 2023.
The enhancement enables workers to “spend more time with their families, stay financially secure and to be there for the moments that matter in their personal lives,” according to the bank.
Announcing the move in an internal all-staff email, Tiina Lee, chief executive officer, UK and Ireland at Deutsche Bank, said: “We remain committed to regularly reviewing our benefits and ensuring these are reflective of the varied needs of employees at different phases in life. There are often key moments when time away from work is important to you and those closest to you.”
At the same time as announcing the enhanced paternity time off, the bank has introduced a Family Leave booklet to give employees and line managers easy access to details of its family-friendly policies. This includes periods off work such as maternity leave, increased paternity leave and additional support for families.
Encouraging managers to ensure they are fully aware of the improved staff offering, Lee added: “By proactively discussing how these benefits can be realised with respective eligible employees, this will further help improve our commitment to building a diverse and inclusive work environment.”
Henrik Johnsson, co-head of capital markets and European investment banking at Deutsche Bank, added in a LinkedIn post: “This is very important to me, not only because it allows dads to spend more time with their young families, but also helps to level the career playing field for women who choose to take maternity leave and simplifies the way for men to be the primary carer for their child for a period of time.”
The bank, which employs around 7,000 people in the UK, is celebrating its 150th anniversary in the country this year.