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JPMorgan Gives All New Parents 16 Weeks of Leave as Perks Boosted

  • Goldman, Bank of America already offered similar coverage
  • Unequal parental leave was topic of past $5 million settlement
Outside the JP Morgan Chase & Co headquarters in New York.

Outside the JP Morgan Chase & Co headquarters in New York.

Photographer: Nina Westervelt/Bloomberg
Updated on

JPMorgan Chase & Co. made sweeping improvements to time off for bereavement, sick days, and caring for ill family members -- including for the first time giving 16 weeks of leave to either parent for the birth or adoption of a child, regardless of which is the primary caregiver.

The changes put the bank more in line with parental leave already offered at Goldman Sachs Group Inc. and Bank of America Corp. JPMorgan will increase sick days for full-time employees to 10 days from six and bump bereavement to 20 days from 5 for the loss of a spouse, domestic partner or child, or in the case of a stillbirth or miscarriage, according to a copy of an internal memo sent to employees Thursday.