From NBCUniversal: 2024-09-18 10:54:02

JPMorgan Chase creates new global role to oversee junior bankers following the death of a Bank of America associate. Ryland McClendon named the global investment banking associate and analyst leader to support junior bankers’ well-being and success. This move comes after Wall Street examines treatment of youngest employees due to recent tragedies.

In response to the death of Bank of America’s Leo Lukenas III, JPMorgan CEO Jamie Dimon is addressing junior bankers’ excessive workload. Dimon stresses the need to limit junior bankers’ working hours to 80 per week as part of renewed focus on tracking workload and preventing burnout.

Dimon criticizes Wall Street’s ingrained practices in junior bankers’ long hours, calling for accountability among senior bankers. He emphasizes the need to end inefficient work traditions that lead to excessive hours, warning that bonus reductions will occur if policies are not followed.

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