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"Now, JPMorgan will limit junior banker hours to 80 per week in most cases, as confirmed by the company to Fortune—a first for the bank.
This is in addition to the company’s existing “pencils down” period from 6 p.m. Friday to noon Saturday and a guarantee of one full weekend off every three months.
Bankers told the Wall Street Journal that a sample 80-hour workweek for a young JPMorgan banker could consist of six days of working from roughly 8:30 a.m. to 10 p.m., with short breaks for meals, or 11 hours a day for seven straight days.
Meanwhile, Bank of America—where junior bankers’ hours are technically already capped at 80, but that policy is reportedly routinely ignored—is launching an internal platform that closely monitors individual workloads this month.
The company’s new timekeeping software requires U.S.-based employees to log their hours daily rather than weekly, stating which deals they are working on and when, and which senior bankers are overseeing the assignments, as per the WSJ."
"One full weekend off every three month and "in most cases" means this a nothing burger. Nothing is so important that these banks need to be grinding the young into dust. Not exactly saving the world here...
"Now, JPMorgan will limit junior banker hours to 80 per week in most cases, as confirmed by the company to Fortune—a first for the bank.
This is in addition to the company’s existing “pencils down” period from 6 p.m. Friday to noon Saturday and a guarantee of one full weekend off every three months.
Bankers told the Wall Street Journal that a sample 80-hour workweek for a young JPMorgan banker could consist of six days of working from roughly 8:30 a.m. to 10 p.m., with short breaks for meals, or 11 hours a day for seven straight days.
Meanwhile, Bank of America—where junior bankers’ hours are technically already capped at 80, but that policy is reportedly routinely ignored—is launching an internal platform that closely monitors individual workloads this month.
The company’s new timekeeping software requires U.S.-based employees to log their hours daily rather than weekly, stating which deals they are working on and when, and which senior bankers are overseeing the assignments, as per the WSJ."
For the young guys they are often making close to minimum wage if you break down salary by hour worked because they work such absurd hours. When you get bonuses it’s diff but a lot of the boomers feel like they need to put new guys through inhumane work hours because it’s what they experienced when they are coming up through the ranks.
At least when they move up theirhours get more manageable. Ask another manufacturing company if any of the fast rising engineers or any manager sees wife or kids M-F. Pretty much working parent is MIA, but they get fancy car, nice house and good vacations and the world gets the chips, worth it? Apple, Nvidia, AMD, Qualcomm, Broadcom, Intel, Microsoft, Amazon all appreciate your families sacrifice for us.
It seems a very Western phenomenon that also has bled to the East. The brightest all look to highly lucrative careers moving or exploiting wealth to make more $ but not any real extrinsic value.
I’ve seen many of my second and third generation immigrant kids where parents are manual labor or engineers whose children all have gravitated to lawyers, finance, banking, quants. It’s well documented all about making money not adding to society or making something besides
finance.yahoo.com
