Working hours|JPMorgan and Bank of America have been forced to make small concessions on working hours this year under public pressure.
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JPMorgan and Bank of America are making flexible working hours for junior bankers.
JPMorgan limits working hours to 80 hours per week and implements the pencils down rule.
Bank of America tracks working hours with the time bank, but the rules are often broken.
The death of Leo Lukenas III raised the debate about working hours in investment banks.
Two The largest US investment bank, JPMorgan and Bank of America, are making flexibility in the working hours of their young junior employees, Fortune financial media tells.
In Wall Street investment banks, it has long been part of the work culture that the juniors at the top of the food chain have had to work whenever necessary.
Investment banks working weeks of more than 100 hours made headlines in early autumn, when the news reported about an investment banker who had previously served in the special forces of the US Army who had died earlier this year.
Now, according to Fortune, JPMorgan is limiting the working hours of junior bankers to 80 hours a week “in most cases”.
In addition to this, the bank instructs that no work is done from Friday evening until Saturday afternoon. This is called pencils down -as a rule.
In addition, the bank states that at least one free weekend must be guaranteed to an employee every three months.
The bankers are have told To The Wall Street Journal (WSJ) that a young banker’s 80-hour work week means, for example, six working days from Monday to Saturday from around nine thirty in the morning to ten in the evening, or 11-hour working days seven days a week.
For comparison, regular working hours in Finland are a maximum of eight hours per day and 40 hours per week.
at Bank of America Bankers’ working time has already been technically limited to 80 hours, but it is said that it is routinely violated.
However, the bank has built an internal working time bank, which is used to track the working hours of each employee during the month.
The software requires bankers working in the US to report their hours worked daily. At the same time, it is necessary to record under whom and which projects have been promoted during the hour, WSJ says.
Previously this year a Bank Of America employee Leo Lukenas III died of a blood clot after working over a hundred hour weeks preparing a two billion contract. Before his career as an investment banker, he had been in the US Army Special Forces.
The case once again accelerated the discussion about working hours in investment banks.
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