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Banks including JPMorgan Chase and Bank of America are putting a spotlight on Wall Street’s “always on” work-culture — restricting the total number of hours that junior bankers can work per week.
A report published by The Wall Street Journal reveals JPMorgan announced it will limit junior employees to 80 hours per week, with some exceptions like live deals, which often require round-the-clock availability.
An 80-hour workweek equates to working nearly 12 hours a day seven days a week, or 16-hour days Monday to Friday.
Bank of America has similarly reported a new system requiring junior bankers to meticulously track and report their work hours, and their capacity for additional work.
The push for these work-life reforms come after the tragic death of a 35-year-old Bank of America junior banker in May.
Business Insider reveals that while the coroner’s report did not directly link his death to work-related stress, the incident stirred a profound industry-wide debate about the working conditions in the high-stakes environment across Wall Street.
Bloomberg reports that junior bankers at JPMorgan Chase and UBS Group AG have privately admitted to overstating their weekly work hours in internal tracking systems to avoid losing their remaining free time to additional tasks from their bosses.
The decision to cap the workweek also follows The Wall Street Journal reporting that uncovered Bank of America had been instructing junior bankers to underreport their working hours to avoid surpassing limits.
Concerns about overwork are not new to Wall Street, but this marks the first time that JPMorgan has enacted such a strict limit on work hours. This move, in one of the most demanding professional sectors in the U.S., reflects the growing recognition of work-life balance across the broader workforce, where new generations of employees are demanding work environments that promote greater employee health and well-being.
It’s reported that Morgan Stanley and Goldman Sachs have not yet imposed similar caps, but the influence of JPMorgan and Bank of America’s new policies on the broader workforce could lead to more changes in the sector.
