Wall Street's Largest Investment Banks Implement New Working Hour Policies
New Initiatives from Wall Street’s Largest Investment Banks
Wall Street's largest investment banks, notably JPMorgan Chase & Co and Bank of America, are making significant changes to their working hour policies to address growing concerns about junior banker workloads. Starting this month, JPMorgan plans to limit junior banker hours to 80 per week, with exceptions only for critical live deals. On the other hand, Bank of America is introducing a platform, known as the banker diary, to track individual workloads more closely. This move comes in response to an industry-wide call for better work-life balance.
Addressing Workload Concerns
The debate over junior bankers’ hours intensified following the tragic death of a Bank of America associate earlier this year, prompting firms to reconsider the health implications of their policies. Many junior staff members reported adjusting their hours to avoid triggering HR inquiries.
- The new system at Bank of America will allow for daily reporting of hours, helping to identify staff workload balance.
- JPMorgan's cap on hours aligns with New York state regulations, suggesting a broader shift towards better employee welfare.
The Bigger Picture
As competition for corporate deals intensifies, both banks are committed to ensuring their most valuable asset—their workforce—remains healthy and productive. These initiatives may well redefine junior banker expectations across the Wall Street landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.