Deutsche Bank AG and UBS Group AG are among six financial firms working with a New York-based nonprofit on an initiative to reduce stigma around mental health challenges in an industry known for its demanding culture.
The other firms are CVC Advisers, Mizuho Financial Group, Riverside Co. and Varde Partners. They will all participate in the year-long program with NAMI-NYC, the local affiliate for the National Alliance on Mental Illness, the nonprofit said Tuesday in a
The effort arrives about two years into a pandemic that handed Wall Street firms a windfall amid a frenetic pace of trading and deal-making, leading rank-and-file employees to complain about burnout. Even before that, financial firms earned a reputation for doling out grueling workloads.
“The direct and indirect impacts of the Covid-19 pandemic on mental health won’t be addressed by maintaining the status quo,” Deutsche Bank Americas Chief Executive Officer Christiana Riley said in the statement. “Returning to the office and re-engaging with our whole selves at work will only be possible by prioritizing mental wellbeing in the workplace, reducing the stigma around mental-health topics and fostering better community engagement.”
The NAMI-NYC Wall Street Mental Health Collaborative plans to gather feedback, host panels on “best practices” for improving mental health and offer training sessions for employees.
