Bank of America and JPMorgan Chase & Co are planning to restrict and increase monitoring of the hours worked by young bankers, according to the Wall Street Journal.
JPMorgan will limit junior banker hours to 80 per week in most cases, the Journal reported, citing people familiar with the matter. Bank of America is introducing a new tool to more closely track how junior bankers spend their time, the report said.
Swelling workloads are testing promises made by banks just a few years ago to give junior staff more breaks and safeguard their health. The death in May of Bank of America associate Leo Lukenas from a heart attack has triggered a renewed focus on the impact of work on health.
Representatives for Bank of America and JPMorgan in Hong Kong weren’t immediately able to comment to Bloomberg.
Bank of America has said its executives take junior bankers’ health seriously and that the firm frequently reviews policies to ensure they’re protected.
The weekly cap on hours at JPMorgan is a first for the bank and is in line with the New York state limit for hours of medical residents, the Journal said. The lender will make exceptions for certain cases such as a live deal, according to the report.
