Bank of America is making changes to its working hours policies less than one year after the death of 35-year-old Leo Lukenas III, who is reported to have set up 110 hours a month for one month while working on a $ 2 billion purchase.

Although the coroner's report did not associate his death with excessive work, it has led the Bank of America to reassess its hours and the supervision structure.

According to a report from Wall Street JournalThe Bank of America now has a duty to choose elderly bankers at the director's level and ensure that new employees, or associates and analysts, work within the bank's 80-hour labor week limit.

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Investment bankers receive six figures compensation for their work. In fact, average For an investment banker in the Bank of America it is $ 255,074 a year. New bankers are analysts or collaborators, doing anywhere from 160.00 to $ 475,000 a year in total compensation.

Working 80 hours a week means leading to it Around 7am And leaving the office around 8:30 pm, six days a week. In comparison, average American works 34 hours per week.

Working long hours is the rate in investment banking. According to Observation of 2023 From the Finance Community Website Wall Street Oasis, first -year investment bankers reported working on average 77.12 hours a week and slept 5.98 hours each night. Meanwhile, some people have claimed that businesses can ask as much as 120 hours per week.

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A WSJ investigation In August he revealed that the Supervisors of the Bank of America pressured new bankers to report how many hours they worked. After the article, the Bank of America told Junior Bankers to Report managers who overloaded them. In September 2024, the bank was issued A means of reporting time This required new bankers to register their daily activities in detail, rather than simply register their weekly tasks, to keep working hours.

“We want all our young bankers to have the best possible experience, learning from the teammates they work with and further taking advantage of the growth and development of the career this role,” a Bank of America spokesman for WSJ told.

Now, SELECT Bankers Senior will be responsible for overseeing and managing the workload of new bankers. A source told WSJ that executives are looking at other ways to save employees' time, including using it to help prepare pitch decks and financial forecasts.

Bank of America rested 150 New investment bankers based on low performance last week, the company said.

Bank of America employed 213,000 people globallySince January.

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