Bank of America is taking further steps to address overwork among its employees, following the death of an employee last year due to excessive work hours, according to the Herald.
The banking industry has faced scrutiny over workplace practices after Leo Lukenas III, a Bank of America employee, died from a blood clot in his heart after working 100-hour weeks. This incident highlighted the issue of overwork in the industry, prompting changes in work policies at major banks.
“We want all of our junior bankers to have the best experience possible,” said a Bank of America spokesperson, emphasizing the company’s commitment to improving work conditions.
An investigation by the Wall Street Journal revealed that Bank of America employees often work all-nighters and are instructed to lie about their hours to avoid scrutiny.
This has raised concerns about the demanding work culture in the banking sector. In response to the backlash, Bank of America and JPMorgan Chase introduced rules to limit work hours for junior bankers.
Bank of America implemented a timekeeping tool for junior bankers to better track their hours, while JPMorgan Chase capped work hours at 80 per week. B
ank of America is now requiring senior bankers to ensure junior bankers adhere to work hour limits. The company is exploring options to reduce workloads, including using artificial intelligence for tasks like preparing financial forecasts.
Recently, Bank of America cut 150 junior banker roles in its investment bank unit, offering some laid-off employees roles outside investment banking. This move comes amid a talent shortage in the finance industry, where companies are struggling to fill roles.
Bank of America’s efforts to address overwork reflect broader challenges in the finance industry, which is grappling with a talent crunch and the need to improve workplace conditions.
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