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It took the death of worker who had been working 100-hour weeks to prompt JPMorgan Chase and Bank of America to introduce a plan to limit and more closely track young bankers' hours.
The incident has sparked a renewed debate about work-life balance in the high-pressure world of finance, leading to significant policy changes at two of America's largest banks.
JPMorgan Chase has taken the unprecedented step of implementing an 80-hour weekly cap for junior investment bankers in most situations. The move aligns the bank's policies with New York state's limits on medical residents' working hours, signaling a recognition of the potential health risks associated with excessive work hours.
Meanwhile, Bank of America is rolling out a new timekeeping system that requires junior bankers to provide more detailed accounts of how they spend their working hours. This change comes in response to allegations that young employees were being instructed to misrepresent their work hours to circumvent existing limits.
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The banking industry has long grappled with the issue of demanding work schedules for junior employees. Despite starting salaries that can reach $200,000, many young bankers report that prolonged periods of intense work not only take a mental toll but also pose serious health risks.
The catalyst for the changes was the death of Leo Lukenas III, a 35-year-old Bank of America associate. Lukenas had been consistently working weeks exceeding 100 hours while managing a $2billion deal. An autopsy revealed that he died from a blood clot in a coronary artery, raising questions about the impact of extreme work hours on employee health.
JPMorgan's new policy includes some flexibility, allowing for exceptions during critical periods such as live deals. The bank has also maintained its existing policies, including a protected time window from Friday evening to Saturday noon and a guaranteed full weekend off every quarter.
Jamie Dimon, CEO of JPMorgan, acknowledged the gravity of the situation, stating in May that the bank was examining what lessons could be learned from Lukenas's death. In recent weeks, senior bankers have been communicating the new guidelines to their teams.
The shift in policy highlights the ongoing struggle within the finance industry to balance the demanding nature of the work with the well-being of its employees. As the changes take effect, the banking sector will be closely watched to see if they lead to meaningful improvements in the work-life balance of junior bankers.
