City investment bank FinnCap drops controversial unlimited vacation policy

The unlimited vacation policy was introduced by Sam Smith, then FinnCap boss. Photo: Paul Grover

Last year, The Telegraph reported that Goldman Sachs had introduced a similar scheme for its senior bankers.

Mr Farrugia also told FinnCap employees to work from the office four days a week instead of three days a week, as previously required. companies are increasingly demanding that line workers spend more time at work.

Earlier this month, Lloyds Banking Group and JP Morgan increased the number of days employees must be at work.< /p>

The change in FinnCap's work policy comes as the company prepares to merge with rival broker Cenkos for £43m.

The companies announced a deal last month that will create a combined group of 230 employees in Great Britain. The proposed merger is expected to be completed by September.

The Telegraph is aware that Cenkos employees will move into the FinnCap building next to St. Paul's Cathedral in the city center after the deal is completed.

In recent months small and medium-sized investment banks have struggled with a drought in closing deals on Square Mile.

In December, FinnCap warned of a «challenging operating environment» due to a deteriorating economic outlook.

FinnCap has been contacted for comment.