Are you tired of working long hours without any relief? Well, you’re not alone. In the fast-paced world of finance, junior bankers on Wall Street have been known to put in over 100 hours of work per week. But now, with JPMorgan Chase and Bank of America instituting new limits on working hours, there may be some light at the end of the tunnel.
JPMorgan Chase has implemented a maximum 80-hour workweek, which will come as a relief to many junior bankers. Similarly, Bank of America is rolling out a new time reporting tool to enforce an 80-hour per week cap. This tool will require junior bankers to log daily hours and provide more detailed information about their work assignments and supervisors.
These changes come after the tragic death of a 35-year-old Bank of America junior banker, Leo Lukenas III, earlier this year. Though the coroner’s report did not directly link his death to overwork, Lukenas had been working 110-hour weeks on a major acquisition project for the bank. He had expressed a desire to leave his job due to the demanding hours before his untimely passing.
Following investigations into working conditions at Bank of America, the company has taken steps to ensure the well-being of its junior bankers. Managers are now being held more accountable for the hours their team members are working, and junior bankers are encouraged to report any instances of overwork.
Other major banks like Goldman Sachs and Morgan Stanley still have no specific policy limits on working hours for analysts and associates. However, Goldman Sachs has implemented a “protected Saturday” policy, allowing employees time off from Friday at 9 p.m. to Sunday at 9 a.m.