- Report this article
Bank of America appears to be taking steps to address its purported culture of overwork. Some junior bankers were warned by managers this week not to underreport their hours, and to alert human resources if pressured to do so, The Wall Street Journal reports. A similar sentiment was expressed at a manager meeting. Bank of America policy bars junior bankers from working more than 100 hours per week or on Saturdays, but a Journal investigation published earlier this week included claims from dozens of current and former employees who said that underreporting hours is common practice.
Editors’ Picks
-
Sherrié Jones commented on this
Cara Lombardo
Wall Street Editor at The Wall Street Journal
- Report this post
How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads wsj.comIn May, a 35-year-old Bank of America associate and father of two died of a blood clot. He had been working 100-hour weeks for about a month as his team finalized a $2 billion deal, colleagues said.Alexander Saeedy has spoken to more than three dozen people familiar with the working conditions at Bank of America since then.He found that superiors at the bank routinely instruct junior bankers to ignore policies meant to limit working hours. Some of those rules were put in place a decade ago after a bank intern in London died of a seizure after working several all-nighters in a row.Young bankers rarely push back. But many of them say consistent bouts of working more than 12-hour days at least six days a week is not only mentally grueling but hazardous to their health.The issue is pervasive across Wall Street. Do you think long hours are a rite of passage for a lucrative career path like banking or should banks be doing more to limit young workers' hours?
844
314 Comments
Like CommentSherrié Jones
Client Support professional currently contributing highly valued relationship building, excellent communication and problem solving skills with a multi-national wealth management and investments firm.
Here's a thought: For example, when an employee logs into company systems, access automatically shuts down when approaching end of work week (ex.40 hrs). Your login credentials will not unlock until your next scheduled work week begins. If you sign up for a limited amount of overtime, it can not exceed for example, additional 8 hrs, whereby the system again shuts you out. Violators will be notified at all levels and company fined if found consistently abusing policy. Seems to attain work/life balance it must be mandated and/or penalties applied to companies' bottomline. Work/life balance should never be a reward/perk but the requirement for mental, physical and spiritual well being. Let's mirror the happiest countries on earth like Finland, Portugal, Norway as the new American model. Let's put America in the top spot as the happiest place on earth for all Americans.
To view or add a comment, sign in
-
Renee Branson, M.A. Counseling Psychology
Resilience Renegade | Workplace Well-being Innovator | Global Speaker & Author | Performance Optimizer | CEO RBConsulting
- Report this post
Exclusive | Bank of America Urges Bankers to Sound Alarm on Overwork After WSJ Investigation wsj.comBank of America was found to be pressuring junior investment bankers to under report their hours as a way to circumvent the well-being initiatives they had in place. Not only does this continue to harm the well-being and performance of the bankers, it has an additional corrosive effect on company culture. ☢️ It signals to the workforce that the culture lacks integrity. Remember, integrity is when our behavior is congruent with our stated values. ☢️ It compounds stress. It forces individuals to act against their own self-interest and values by encouraging dishonestly. Living outside of one’s own integrity is a known stressor in and of itself. ☢️ It undermines trust—a key component of any relationship, even professional relationships. If a boss is asking me to be dishonest, what else are they being dishonest about?Poor mental well-being in the workplace impacts the individuals in the workplace AND it also negatively impacts a company’s performance and reputation. If I company isn’t truly on board with making a meaningful, positive impact on their work culture, it is better to just stop pretending. Then, at least, they are being congruent with their actual values of profit over people and viewing employees as expendable objects. Bankers could then make an informed decision about where they want to give their time and talent. https://lnkd.in/eJ-d2Vyu
13
7 Comments
Like CommentTo view or add a comment, sign in
-
Harry S. Steinmetz commented on this
Cara Lombardo
Wall Street Editor at The Wall Street Journal
- Report this post
How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads wsj.comIn May, a 35-year-old Bank of America associate and father of two died of a blood clot. He had been working 100-hour weeks for about a month as his team finalized a $2 billion deal, colleagues said.Alexander Saeedy has spoken to more than three dozen people familiar with the working conditions at Bank of America since then.He found that superiors at the bank routinely instruct junior bankers to ignore policies meant to limit working hours. Some of those rules were put in place a decade ago after a bank intern in London died of a seizure after working several all-nighters in a row.Young bankers rarely push back. But many of them say consistent bouts of working more than 12-hour days at least six days a week is not only mentally grueling but hazardous to their health.The issue is pervasive across Wall Street. Do you think long hours are a rite of passage for a lucrative career path like banking or should banks be doing more to limit young workers' hours?
See AlsoMorning Coffee: Bank of America juniors secretly clocking 100+ hour weeks. Citi is unleashing London bonuses too, but it's quite vagueMorning Coffee: Bank of America puts hard stop on junior banker hours, even during live deals. Recruiters are despairing of AI applicationsRomanian gymnast could replace Jordan Chiles as bronze medalist in floor exercise after court rulingAmerican gymnast Jordan Chiles lost her bronze medal on floor exercise. What happened?844
314 Comments
Like CommentHarry S. Steinmetz
Administrative Law Judge at Washington State Office of Administrative Hearings
The culture of overwork is not unique to Wall Street or banking. The legal profession and medical profession have had this culture for decades. It’s a crazy way to work, but if you want to get a head in those professions. It’s tough on those in the professions and, I think, leads to less quality work. As a criminal defense attorney, I’ve had trials when I’ve had to put in 80+ hours in a week, but I had to find time later to give myself a break. It’s important to my mental health and to properly serve my clients. It’s unfortunate that this culture has spread so far in our working world.
To view or add a comment, sign in
-
Trevor Jones commented on this
Cara Lombardo
Wall Street Editor at The Wall Street Journal
- Report this post
How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads wsj.comIn May, a 35-year-old Bank of America associate and father of two died of a blood clot. He had been working 100-hour weeks for about a month as his team finalized a $2 billion deal, colleagues said.Alexander Saeedy has spoken to more than three dozen people familiar with the working conditions at Bank of America since then.He found that superiors at the bank routinely instruct junior bankers to ignore policies meant to limit working hours. Some of those rules were put in place a decade ago after a bank intern in London died of a seizure after working several all-nighters in a row.Young bankers rarely push back. But many of them say consistent bouts of working more than 12-hour days at least six days a week is not only mentally grueling but hazardous to their health.The issue is pervasive across Wall Street. Do you think long hours are a rite of passage for a lucrative career path like banking or should banks be doing more to limit young workers' hours?
844
314 Comments
Like CommentTrevor Jones
President at Barracuda Music & Talent Management
It should not be ignored that entrepreneurs have been working 12-15 hour days for decades, especially in retail. Elon Musk famously slept on the floor of his Tesla plant while going through its startup phase. My son owns a chain of retail stores in Canada which he is expanding & consistently survives on 4 hours sleep. It depends what drives up. Walk Street Invt Bankers are driven by $.
To view or add a comment, sign in
-
Sushil I. commented on this
Alexander Saeedy
Reporter at The Wall Street Journal
- Report this post
How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads wsj.comBank of America capped employees’ hours when an intern died after working multiple all-nighters in a row. Today, those policies are often ignored, leaving employees at the investment bank to work 15-to-16 hour days off the books for weeks a time.A recent death of a 35 year-old banker in May has prompted scrutiny of the bank’s work culture and reopened a debate over how much young employees on Wall Street should be worked in their first years on the job.Many current and former employees who spoke to me said that their bosses routinely asked them to lie about their hours and work more than the bank’s policies allowed. They said they didn’t want to speak out about how they were told to violate company policies because of their high pay, in an industry where entry level salaries can start as high as $200,000.Read more here:
152
24 Comments
Like CommentSushil I.
Executive Director - Investments, Trading and Advisory Solutions
To me it's simple, if 200k is the price you get paid for potential early death, and money has utility only when alive, the payoff does not make sense. A smart person would reject this, I understand most of those who accept it are supposedly smart.
To view or add a comment, sign in
-
Gina Buckney
2x TEDx & International Speaker 🗣️🎤 | United Nations Women's Delegate | Industry Expert in Corporate Transformation & Workplace Wellbeing | WIT 👩🏻💻| Author | Features Writer 📝
- Report this post
An intern at Bank of America died after working multiple all-nighters in a row! When will this stop and organisations take accountability and do something about toxic work cultures?==============================Leaders/managers it’s YOUR responsibility to monitor the hours your people are working and not just what they put on the system, the hours they are actually working to get the job done, contract signed, or project over the line. ==============================Today, policies are often ignored, leaving employees at the investment bank to work 15-to-16 hour days off the books for weeks a time.The recent death of a 35 year-old banker in May has prompted scrutiny of the bank’s work culture and reopened a debate over how much young employees on Wall Street should be worked in their first years on the job.#WorkplaceWellbeing #WorkrelatedDeath #BankofAmerica
7
4 Comments
Like CommentTo view or add a comment, sign in
-
Dr. Sara Lypps, MBA commented on this
Cara Lombardo
Wall Street Editor at The Wall Street Journal
- Report this post
How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads wsj.comIn May, a 35-year-old Bank of America associate and father of two died of a blood clot. He had been working 100-hour weeks for about a month as his team finalized a $2 billion deal, colleagues said.Alexander Saeedy has spoken to more than three dozen people familiar with the working conditions at Bank of America since then.He found that superiors at the bank routinely instruct junior bankers to ignore policies meant to limit working hours. Some of those rules were put in place a decade ago after a bank intern in London died of a seizure after working several all-nighters in a row.Young bankers rarely push back. But many of them say consistent bouts of working more than 12-hour days at least six days a week is not only mentally grueling but hazardous to their health.The issue is pervasive across Wall Street. Do you think long hours are a rite of passage for a lucrative career path like banking or should banks be doing more to limit young workers' hours?
844
314 Comments
Like CommentDr. Sara Lypps, MBA
Business Solutions Advisor Saving Companies $1,000’s, Protecting Your Legacy | Speaker, Author
“Our Health is Our Most Valuable Wealth”!! Employers need to prioritize their employees health… no flat lines for their bottom lines. Stressful jobs such as banking should be balanced with off-time activities. Employees should be encouraged & supported to practice appropriate self-care both in & away from the workplace. NO EXCEPTIONS!!
To view or add a comment, sign in
-
Christo P. commented on this
The Wall Street Journal
9,802,463 followers
- Report this post
Bank of America Tells Bankers to Report Bosses Who Pressure Them to Underreport Hours wsj.comExclusive: Bank of America is urging young bankers to accurately report the hours they work after an investigation by WSJ found bankers are often pressured to ignore rules meant to prevent dangerous overwork.
88
20 Comments
Like CommentChristo P.
Generalist
The way it might be analysed: If the number of hours are "too high" then their productivity (output per time unit) is too low, so they need to learn to work smarter and harder in the standard hours per day - that can be achieved by training, self-management and performance management. Problem solved.
To view or add a comment, sign in
-
Brian Judt commented on this
The Wall Street Journal
9,802,463 followers
- Report this post
Bank of America Tells Bankers to Report Bosses Who Pressure Them to Underreport Hours wsj.comExclusive: Bank of America is urging young bankers to accurately report the hours they work after an investigation by WSJ found bankers are often pressured to ignore rules meant to prevent dangerous overwork.
88
20 Comments
Like CommentBrian Judt
Accountant at CONTINENTAL INTERNATIONAL
Will BoA also have a serious talk with whoever was doing the "pressured to ignore rules", possibly including progressive disciplinary action if they don't acknowledge the risk of lawsuit(s) the Company is guaranteed to lose?
To view or add a comment, sign in
-
Jess Graham commented on this
Alexander Saeedy
Reporter at The Wall Street Journal
- Report this post
How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads wsj.comBank of America capped employees’ hours when an intern died after working multiple all-nighters in a row. Today, those policies are often ignored, leaving employees at the investment bank to work 15-to-16 hour days off the books for weeks a time.A recent death of a 35 year-old banker in May has prompted scrutiny of the bank’s work culture and reopened a debate over how much young employees on Wall Street should be worked in their first years on the job.Many current and former employees who spoke to me said that their bosses routinely asked them to lie about their hours and work more than the bank’s policies allowed. They said they didn’t want to speak out about how they were told to violate company policies because of their high pay, in an industry where entry level salaries can start as high as $200,000.Read more here:
152
24 Comments
Like CommentJess Graham
Fractional Marketing/Business/Innovation Strategist | ex-Instagram, Visa | 2X founding team | *fierce* advocate for equity | angel investor and advisor
TBH given the insanity of start ups, surprised this doesn’t happen more often in that world, too, where there are 0 policies, no boundaries, no real oversight, and really unhealthy (and I mean that both literally and figuratively) culture.
To view or add a comment, sign in
