JPMorgan Chase created a new global role designed to oversee associates and analysts in the aftermath of growing concerns about workload pressures on junior bankers. The move was announced a month after a Bank of America associate died, spurring an examination of how entry-level workers are treated on Wall Street.
The individual to be appointed for this role is Ryland McClendon, a 14-year veteran of JPMorgan and former head of talent and career development. According to internal memos, he shall lead the firm’s Global Investment Banking Associate and Analyst Leader “in supporting the well-being and success of junior bankers,” further showing that the bank is committed to improving their working environment.
JPMorgan action is part of a larger trend that started in the investment banks since Leo Lukenas III’s death, with reports that he worked up to 100 hours a week before the tragedy. On the wake of such tragedy, JPMorgan CEO Jamie Dimon said that they must learn from such tragedies. For the last two months, upper management within the investment banking departments have been going around telling their teams to keep work hours by junior bankers not more than 80 hours a week. Exceptions of such rules may include deals taking place actively.
A lot of investment bankers. give you four assignments, and you’ve got to work all weekend. It’s just not right,” Dimon quoted during a recent financial session at Georgetown University.
Other policies that came in include new workload policies for senior bankers, where Dimon stated he would ensure those who breach them feel the impact in their bonuses. “You’re violating it,” he noted. “You’ve got to stop, and it will be in your bonus, so that people know we really mean it.”
Yet another example is how the big players in the industry are wakening up to realize that they must take care of junior bankers’ mental health while at the same time facilitating a sustainable work culture.
For More Details: https://insightssuccess.com
