Bank of America Limits Junior Banker Hours After Death

Bank of America is implementing new policies to limit working hours for junior bankers after a recent death and investigations revealed excessive overtime. This comes as Wall Street grapples with the issue of long hours in investment banking.

The Death of Leo Lukenas III

The death of 35-year-old Bank of America junior banker Leo Lukenas III earlier this year sparked this change in policy. Lukenas, who joined the bank in 2023, passed away in May 2024 from a blood clot in his heart. While the coroner's report didn't directly link the death to overwork, Lukenas had reportedly been working 110-hour weeks on a $2 billion acquisition for the bank.

• Lukenas had expressed his desire to leave the bank due to the long hours.
• The tragedy has brought to light the grueling work schedules faced by junior bankers on Wall Street.

Bank of America's New Time Reporting Tool

Bank of America is rolling out a new time reporting tool to help enforce an 80-hour per week cap. This tool will require junior bankers to log their daily hours and provide more detail about their work assignments and the senior employees managing them.

• The new system is intended to make it more difficult for junior bankers to underreport their hours and hold managers accountable for adhering to the limits.
• It is part of a broader effort to prevent overwork and promote a healthier work-life balance among junior staff.

JPMorgan Chase's Policy Changes

JPMorgan Chase is also taking steps to limit working hours for junior investment bankers. The bank is instituting a maximum workweek limit after investigations showed that junior bankers were routinely working more than 100 hours per week.

• JPMorgan Chase's new policies aim to address the concerns about excessive overtime and provide a more sustainable work environment for junior employees.
• The bank's decision is a significant change and signals a growing awareness of the need to balance demanding work schedules with employee well-being.

Goldman Sachs' Protected Saturday Policy

Goldman Sachs and Morgan Stanley have yet to implement policy limits on working hours. However, Goldman Sachs does have a "protected Saturday" policy that blocks out Friday from 9 p.m. to Sunday at 9 a.m. as time off.

• While this policy is intended to provide some respite for junior bankers, it doesn't address the broader issue of excessive overtime and the pressure to work long hours.
• Morgan Stanley, on the other hand, has no specific policy limits on working hours for its junior bankers.

Wall Street's Culture of Long Hours

The long hours faced by junior bankers on Wall Street have been a longstanding issue. These grueling schedules can have negative consequences for employees' health and well-being.

• The death of Leo Lukenas III, and the previous case of Moritz Erhardt, who died from an epileptic seizure after working long hours at Bank of America's London office, have highlighted the risks associated with these demanding work schedules.
• Bank of America has been criticized for not taking sufficient steps to address this issue in the past.

The Future of Work on Wall Street

The changes implemented by Bank of America and JPMorgan Chase are significant steps towards addressing the issue of excessive overtime for junior bankers on Wall Street. It remains to be seen whether other investment banks will follow suit and implement similar policies. These changes are a positive sign that the industry is beginning to recognize the importance of employee well-being and a sustainable work-life balance.

• The new policies implemented by Bank of America and JPMorgan Chase could set a precedent for the industry, leading to broader changes in how junior bankers are treated and how they are expected to work.
• The future of work on Wall Street will likely be marked by a greater focus on employee well-being, a healthier work-life balance, and a more sustainable work environment for junior bankers.