Bank of America Takes Action Against Alarming Workplace Behavior

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In the previous year, Bank of America ( BAC ) faced severe backlash following the death of its employee, Leo Lukenas III, aged 35, who succumbed to a heart clot after logging 100-hour workweeks at the firm.

Soon after the sad event, the banking sector's workplace rules and procedures came under intense scrutiny.

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An investigation According to The Wall Street Journal, Bank of America employees frequently work through the night on various projects. Managers often direct staff to misrepresent the number of hours they've worked when reporting their time, aiming to evade oversight from Human Resources.

Connected: JPMorgan Chase intensifies efforts to address a problematic workplace issue

Excessive workloads are prevalent in the banking sector. As seen in 2023, this issue continues to be widespread. survey According to data from Wall Street Oasis, investment banking analysts typically put in over 70 hours per week and usually do not get to bed until after midnight.

Both Analysts and Associates in our team put in an immense amount of effort,” noted a Barclays industrials analyst in the survey, “to the point where working over 100 hours per week isn’t unusual and has become quite accepted.

In response to the criticism from last year, Bank of America and JPMorgan Chase subsequently rolled out guidelines to assist in setting caps on the working hours of their banking staff.

For instance, Bank of America implemented a time-tracking system mandating that junior bankers provide greater detail regarding their daily activities. Similarly, JPMorgan Chase set an upper limit of 80 working hours per week for its entry-level investment professionals.

Bank of America tightens its stance against excessive work hours.

It now seems that Bank of America is implementing additional measures to address excessive workloads within its organizational culture.

According to a new report From the Journal, Bank of America is now mandating that its senior bankers verify that junior bankers are not logging more hours than permitted by the firm’s regulations.

“A Bank of America representative stated to the Journal, ‘Our aim is for all our junior bankers to enjoy the finest experience possible, gaining insights from their colleagues and also profiting from the professional advancement opportunities this position offers,’" he noted.

Related: Goldman Sachs prohibits a rigid work policy due to legal worries

The firm is allegedly exploring various methods to alleviate the substantial workload of entry-level employees. Among these strategies is potentially employing artificial intelligence for duties like generating financial projections and putting together presentation materials, as reported by the Journal.

Bank of America has recently taken a stringent measure.

The decision by Bank of America follows its reduction of 150 entry-level banking positions within its investment bank division the previous week.

The layoffs were a component of the bank’s routine yearly effort to focus on underperforming employees, as stated by a source. recent report According to Reuters, the recently terminated entry-level bankers were apparently presented with positions outside of investment banking. Nonetheless, several individuals turned down these offers.

More Labor:

  • Meta’s latest round of job cuts takes an unforeseen twist
  • Goldman Sachs supports a workplace policy that concerns the company's shareholders.
  • Dell's CEO issues a strong wakeup notice to staff

The job cuts at Bank of America are occurring while the financial sector is finding it difficult to recruit for positions within its industry because of a current shortage of qualified individuals. A recent report highlights this issue. survey According to Robert Half, 87% of hiring managers from finance and accounting departments mentioned that they are finding it difficult to locate candidates to occupy the vacant spots within their organizations.

Additionally, 46% mentioned facing difficulties in filling positions related to financial planning and analysis, 43% reported challenges in staffing roles within accounts payable, accounts receivable, and bookkeeping, whereas 37% found it problematic to recruit for financial reporting roles.

Related: Seasoned fund manager presents bold prediction for the S&P 500

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