Wall Street’s Junior Bankers Face Limits: JPMorgan Caps at 80 Hours Work Week, BofA Plans Tracking

The work-life balance debate is surfacing again and companies are taking steps to limit it. An 80-hour workweek, working from 8:30 a.m. to 10 p.m. six days a week, is far from the average 34-hour workweek most Americans log. However, for junior bankers on Wall Street, an 80-hour cap would feel like a relief compared to their usual schedules.

JPMorgan Chase has introduced an 80-hour workweek limit after reports revealed junior bankers often exceeded 100 hours a week. Similarly, Bank of America (BofA) is implementing a cap with a new time-tracking tool. 

According to the Wall Street Journal, this tool will require junior bankers to log daily hours and detail their tasks, along with the senior employees managing them.

Tragic Loss Sparks Changes

The changes follow the death of Leo Lukenas III, a 35-year-old junior banker at BofA who passed away in May 2024 due to a heart blood clot. While the coroner did not link his death to overwork, Lukenas had reportedly been working 110-hour weeks on a major $2 billion acquisition. Before his passing, he expressed a desire to leave because of the gruelling hours.

Work-Life Balance: Other Banks’ Policies

Goldman Sachs and Morgan Stanley still have no limits on working hours. However, Goldman has a "protected Saturday" policy, ensuring time off between Friday 9 p.m. and Sunday 9 a.m.

History of Overwork

Concerns about overwork aren’t new. A 2024 Wall Street Journal investigation revealed that BofA managers often pressured junior bankers to underreport hours. These findings echo a tragic case from 2013, when Moritz Erhardt, a 21-year-old BofA intern in London, died from an epileptic seizure after working three consecutive nights until 6 a.m.

Work-Life Balance: New Measures 

After these incidents, BofA introduced policies requiring junior bankers to take at least four weekend days off per month and use their annual vacation time. The new time-reporting tool aims to prevent under reporting of hours, hold managers accountable, and encourage overworked employees to report issues to higher-ups or HR.

“It’s an effort to ensure junior bankers’ well-being and address longstanding issues in the industry,” BofA noted.

Work Limit In India

The regular working hours in India, as governed by the Factories Act of 1948 and the Shops and Establishment Acts (SEA), are no more than nine hours per day or 48 hours per week. This includes a necessary one-hour rest or food period. Employees who work more than typical hours are entitled to overtime compensation.

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