Bank of America and JPMorgan Introduce Changes to Bankers' Work Hours in Finance Careers
New Changes in Finance Careers
In a noteworthy shift affecting finance careers, Bank of America has unveiled a new tool aimed at tracking the working hours of its bankers. This move comes on the heels of JPMorgan Chase's decision to cap weekly working hours at 80, adding a significant yet glaring exception for bankers engaged in live deals—those high-stakes situations demanding 24/7 availability.
Context Behind the Decision
The backdrop of these changes is the ongoing scrutiny of Wall Street's notorious overwork culture, recently highlighted by an incident involving a 35-year-old Bank of America banker. Although no direct connection to work was established, the tragic event has spurred conversations and concerns about working conditions, particularly for junior bankers.
Bank of America's New System
- Bank of America previously alerted HR about employees exceeding the 80-hour threshold.
- The new system requires junior bankers to detail their work and report to senior employees.
- Employees are also expected to indicate their capacity for additional tasks.
Industry Response
While JPMorgan takes steps to improve conditions, competitors like Morgan Stanley and Goldman Sachs have yet to implement similar hour restrictions. This growing attention highlights a pivotal moment in finance careers as the industry grapples with its challenging work culture.
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.