JPMorgan Chase & Co (NYSE:JPM, ETR:CMC) and Bank of America Corp (NYSE:BAC) are introducing new measures to curb the hours worked by junior bankers amid overwork concerns.
Per a Wall Street Journal Report citing a person with knowledge of the matter, JP Morgan is introducing its first-ever cap on junior banker hours of 80 hours per week.
The weekly cap is in line with New York States rules for hours worked by medical residents, the publication noted.
There may be exceptions to this rule to allow extra work to complete live deals.
Meanwhile, Bank of America is launching a new internal platform to more closely monitor employee workloads.
“We successfully piloted this improved technology platform earlier this year to help our team more efficiently serve our investment banking clients,” a Bank of America spokesperson said in a statement.
These new restrictions on work hours follow the death of 35-year-old Bank of America investment banker Leo Lukena in May. Lukena had reportedly wanted to leave the bank because he was working in excess of 100 hours per week.