JPMorgan Chase\u00a0has created a new global role overseeing all junior bankers in an effort to better manage their workload after the\u00a0death\u00a0of a\u00a0Bank of America\u00a0associate in May forced Wall Street to examine how it treats its youngest employees.<\/p>\n
The firm named\u00a0Ryland McClendon\u00a0its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.<\/p>\n
Associates and analysts are on the two lowest rungs in Wall Street\u2019s hierarchy for investment banking and trading; recent college graduates flock to the roles for the\u00a0high pay and opportunities\u00a0they can provide.<\/p>\n
The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the \u201cwell-being and success\u201d of junior bankers.<\/p>\n
The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America\u2019s Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO\u00a0Jamie Dimon\u00a0said his bank was examining what it could learn from the tragedy.<\/p>\n
Then, starting in August, JPMorgan\u2019s senior managers instructed their investment banking teams that junior bankers should typically work no more than\u00a080 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.<\/p>\n
Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.<\/p>\n
Dimon railed against some of Wall Street\u2019s ingrained practices in a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.<\/p>\n
\u201cA lot of investment bankers, they\u2019ve been traveling all week, they come home and they give you four assignments, and you\u2019ve got to work all weekend,\u201d Dimon said. \u201cIt\u2019s just not right.\u201d<\/p>\n
Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.<\/p>\n
\u00a0\u201cYou\u2019re violating it,\u201d Dimon warned. \u201cYou\u2019ve got to stop, and it will be in your bonus, so that people know we actually mean it.\u201d<\/p>\n<\/p>\n
JPMorgan Chase\u00a0has created a new global role overseeing all junior bankers in an effort to better manage their workload after the\u00a0death\u00a0of a\u00a0Bank of America\u00a0associate in May forced Wall Street to examine how it treats its youngest employees. The firm named\u00a0Ryland McClendon\u00a0its global investment banking associate and analyst leader in a memo sent this month, CNBC […]<\/p>\n","protected":false},"author":0,"featured_media":9786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/9785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=9785"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/9785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/9786"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=9785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=9785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=9785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}