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JPMorgan Chase and Bank of America plan to limit and more closely track young bankers’ hours following a Wall Street Journal investigation spotlighting a dangerous culture of overwork on Wall Street.
Moving forward, The Wall Street Journal reports, Chase will cap its junior investment bankers’ hours at 80 a week in most cases. Meanwhile, Bank of America is implementing a new timekeeping tool that requires junior bankers to go into more detail about how their time is spent.
The changes come after a WSJ investigation revealed that junior bankers at Bank of America were routinely instructed to lie about their hours to avoid exceeding hourly limits. The reporting was based on conversations with more than three dozen current and former bankers and followed the death of a 35-year-old Bank of America associate who had been working multiple 100-hour weeks.
