Revolution in the Banking Industry: Measures Against Overwork Initiated

The tragic death of Leo Lukenas III, a 35-year-old employee of Bank of America (BoA), has reignited the discussion about working conditions in the banking industry. Following reports that Lukenas died as a result of 100-hour work weeks, two major Wall Street entities are now responding with drastic measures. Bank of America and Chase Bank have introduced new guidelines to limit the number of hours their bankers work, aiming to combat overwork. A report by the Wall Street Journal (WSJ) revealed that Chase is capping working hours for its junior investment bankers at 80 hours per week, with exceptions only for those working on ongoing deals. In contrast, Bank of America will implement a new time-tracking tool that requires junior bankers to provide detailed information about their working hours. Despite existing weekly work hour limitations, a WSJ investigation last month found that employees were often instructed by their supervisors to falsify their working hours to evade checks by the Human Resources department. Lukenas' death has brought the toxic work environment in the industry to light. It was reported that Lukenas died in May due to a heart blood clot, while searching for a new job with a better work-life balance. A recruiter in contact with him revealed that Lukenas was willing to accept a pay cut to work fewer hours. Following Lukenas' death, some BoA employees discussed a potential strike on social media to fight for better working conditions and stricter regulations on working hours. A BoA spokesperson emphasized in a statement to the WSJ that existing practices were clear and that all employees, including managers, were required to follow them. Disciplinary actions were taken in the event of violations. Long working hours are not a new phenomenon in the banking industry. A 2023 survey by Wall Street Oasis found that investment banking analysts work an average of over 70 hours per week, often going to bed only after midnight. A Barclays analyst commented in the survey that 100-hour weeks are not an exaggeration and are considered somewhat normal.