Banks tackle the growing issue of investment banking burnout — But is it actually working?
- We dive into the steps banks have taken to improve work-life balance for employees following the infamous Bofa employee incident.
- We also assess whether these initiatives are effective, and where more can be done.
More doing, less debating
In the high-stakes world of finance, where metrics move and profits respond, it’s easy to forget that behind every ledger lies a legion of employees.
The financial sector isn’t exactly renowned for its leisurely pace. Historically, junior investment banking jobs have been synonymous with grueling hours, often eclipsing the 100-hour mark in a week, worn like badges of honor. This relentless grind, while lucrative, is a double-edged sword, leading to employee burnout, attrition, and the occasional existential crisis.
In May of last year, advocates loudly criticized the fact that a frazzled employee is about as useful as a screen door on a submarine. The uproar stemmed from the tragic death of Bank of America associate Leo Lukenas, highlighting the need for urgent change. In response, legacy institutions began adopting measures like limiting weekly hours and assigning senior bankers to oversee the well-being of junior staff.
While we frequently criticize rigid policies, it’s equally important to acknowledge baby steps some legacy banks are taking to improve employee well-being. Whether these measures are sufficient is another question.
We dive into the steps banks have taken to improve work-life balance for employees following the infamous Bofa employee incident, assess whether these initiatives are effective, and where more can be done, all served with a bit of wit and a dash of insight.
Bank of America implements measures to address junior banker burnout
Bank of America had some measures in place to address employee mental health and prevent overwork when the Lukenas incident happened.
Post-incident, the bank has implemented additional measures:
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