Healthy and happy: JP Morgan cut bankers' work week to "some" 80 hours

Junior bankers on Wall Street will now be able to "enjoy" an 80-hour work week instead of the usual 100 hours. This change was prompted by the tragic death of an employee.

According to Fortune, the new rules complement the existing practice at JPMorgan of "delayed handoffs" from 6 PM on Friday to noon on Saturday, along with a guarantee of one full weekend off every three months. As reported by the Wall Street Journal, a typical 80-hour work week for a junior banker at JPMorgan can consist of six working days approximately from 8:30 AM to 10 PM, with brief breaks for meals, or 11 hours a day for seven consecutive days.

Moreover, there is a significant caveat: specific circumstances, such as working on active deals, will be exceptions to the new JPMorgan policy. This means that during critical financial operations, bankers may still need to work overtime, effectively nullifying the impact of the new restrictions.

Bank of America, which has already officially implemented an 80-hour cap for junior bankers, is also making changes. The bank is launching an internal platform to closely monitor individual workloads. The new software requires employees in the U.S. to log their working hours daily instead of weekly, specifying which deals they are working on and who among the management is overseeing these tasks.

These changes follow a tragic incident earlier this year. Leo Lukenas III, a former Green Beret who became an investment banker at Bank of America, died from a blood clot while working over 100 hours a week on a $2 billion deal.

After Lukenas' death, junior bankers widely complained to the Wall Street Journal about the regular night shifts and the over 100-hour work weeks. They alleged that management pressured them to hide the true length of their working hours.

It is worth noting that even with the new restrictions, bankers’ work weeks still exceed the average 40-hour working week of Americans by a factor of two.

JPMorgan CEO Jamie Dimon stated that the bank is trying to understand what lessons can be learned from Lukenas' death and is reviewing its policies. A spokesperson for Bank of America emphasized that the bank's rules are clear and that all employees, including managers, must adhere to them.

• JPMorgan Chase and Bank of America are the two largest banks in the U.S. by assets. Both institutions have a significant impact on the global financial market and play a key role in shaping banking practices.
• JPMorgan Chase, formed through the merger of several historic banks, is renowned for its innovations and leadership in investment banking. Bank of America, on the other hand, has a vast network of retail branches and strong positions in serving individual clients and small businesses.