Two large investment banks are clamping down on their workplace conditions and weekly hours after the companies’ dangerous cultures raised multiple safety and treatment concerns within the industry.
JPMorgan, along with Bank of America, will implement new safety measures following concerns about brutal work conditions
Two large investment banks are clamping down on their workplace conditions and weekly hours after the companies’ dangerous cultures raised multiple safety and treatment concerns within the industry.
However, JPMorgan has already enforced some guidelines around working conditions for junior staffers including adding one full weekend off every three months. The bank also has been monitoring bankers’ hours through self-reported timesheets.
Additionally, junior staffers will have the capability to rate how many extra assignments they can take on, on a scale from one to four. The new tool will be made available to staffers next week, according to the company.
The adaptation of new measures comes after the death of a 35-year-old associate at the bank, who was revealed to have been working numerous 100-hour weeks At the time of his death, Leo Lukenas III had been working with a team on completing a $2 billion deal.
Last month, The Wall Street Journal (NWS) revealed that Bank of America’s junior bankers were instructed to lie, on more than one occasion, about their working hours as a way to override the bank’s policies.
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