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Bank of America is modifying its working hours policies in response to the recent passing of 35-year-old junior banker Leo Lukenas III, who was reported to have worked 110-hour weeks in the lead-up to his death while engaged in a $2 billion acquisition project.
While the coroner’s report did not attribute his death directly to overwork, the incident prompted Bank of America to reassess its work hours and supervisory practices.
As detailed in a report by the Wall Street Journal, the bank has assigned certain senior bankers at the director level and above with the responsibility of ensuring that junior employees, classified as associates and analysts, adhere to the bank’s maximum workweek limit of 80 hours.
Related: Bank of America Threatens Workers Who Won’t Return to the Office With ‘Disciplinary Action’
Investment banking positions at Bank of America come with substantial financial compensation. Data from Indeed indicates that the average annual salary for an investment banker at the institution is $255,074. For junior bankers, identified as analysts or associates, total compensation can range from $160,000 to $475,000 per year, according to industry reports.
To meet the 80-hour workweek maximum, junior bankers typically start their days at around 7 a.m. and finish around 8:30 p.m., working six days a week. For context, the average American is reported to work 34 hours weekly.
Extended hours are unfortunately commonplace within the investment banking sector. A 2023 survey conducted by Wall Street Oasis found that first-year investment bankers logged an average of 77.12 hours per week, often sacrificing sleep with an average of just 5.98 hours each night. Reports suggest that some firms demand as many as 120 hours weekly from their employees.
Related: Big Wall Street Banks Are Limiting Workweek Hours — to 80
An investigation by the WSJ in August revealed that junior bankers at Bank of America had been pressured by their supervisors to underreport the hours they worked. Following the report, the bank encouraged junior bankers to report any overwork instances to management. Subsequently, in September 2024, the bank introduced a time-tracking tool requiring junior bankers to document their daily tasks in more detail, rather than just summarizing their weekly hours.
“Our aim is to ensure that all junior bankers experience the best possible environment for learning and personal development,” a spokesperson for Bank of America explained to the WSJ.
Going forward, carefully selected senior bankers will oversee the workloads of junior colleagues. A source indicated to the WSJ that the bank is also exploring additional measures to enhance efficiency, including the potential use of AI technologies for preparing materials such as pitch decks and financial analyses.
In a separate organizational update, Bank of America recently terminated 150 junior investment bankers due to performance-related issues.
As of January, Bank of America employed approximately 213,000 individuals globally.
Related: Bank of America Is Raising Its Minimum Wage. Here’s What Full-Time Salaries Will Look Like.
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