Bank of America is making changes to its moving hours policies little than a twelvemonth aft the decease of 35-year-old inferior banker Leo Lukenas III, who had reportedly put successful 110-hour weeks for a period while moving connected a $2 cardinal acquisition.
Though the coroner's study didn't necktie his decease to overwork, it has led Bank of America to reevaluate its hours and oversight structure.
According to a study by the Wall Street Journal, Bank of America has now tasked prime elder bankers astatine the head level and up pinch ensuring that inferior employees, aliases associates and analysts, activity wrong the bank's 80-hour workweek limit.
Related: Bank of America Threatens Workers Who Won't Return to the Office With 'Disciplinary Action'
Investment bankers person six-figure compensation for their work. According to Indeed, the average salary for an finance banker astatine Bank of America is $255,074 per year. Junior bankers are analysts aliases associates, making anywhere from $160,00 to $475,000 a twelvemonth successful full compensation.
Working 80 hours per week intends clocking successful astatine around 7 a.m. and leaving the agency astir 8:30 p.m., six days a week. In comparison, the mean American useful 34 hours a week.
Working agelong hours is the norm successful finance banking. According to a 2023 survey from the finance organization tract Wall Street Oasis, first-year finance bankers reported moving an mean of 77.12 hours a week and sleeping 5.98 hours each night. Meanwhile, immoderate group person claimed businesses tin request arsenic overmuch arsenic 120 hours per week.
Related: Big Wall Street Banks Are Limiting Workweek Hours — to 80
A WSJ investigation successful August uncovered that Bank of America supervisors pressured inferior bankers to underreport really galore hours they worked. Following the article, Bank of America told inferior bankers to report managers who overworked them. In September 2024, the slope released a clip reporting tool that required inferior bankers to log their regular activities successful greater detail, alternatively of simply logging their play tasks, to support way of hours worked.
"We want each of our inferior bankers to person the champion acquisition possible, learning from the teammates they activity pinch and further benefiting from the profession maturation and improvement this domiciled brings," a Bank of America spokesperson told the WSJ.
Now, prime elder bankers will beryllium responsible for supervising and managing inferior banker workloads. A root told the WSJ that executives are looking into different ways to prevention labor time, including utilizing AI devices to thief hole transportation decks and financial forecasts.
Bank of America laid disconnected 150 inferior finance bankers based connected debased capacity past week, the institution said.
Bank of America employed 213,000 group globally, arsenic of January.
Related: Bank of America Is Raising Its Minimum Wage. Here's What Full-Time Salaries Will Look Like.
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