Smith Collection / Gado / Getty Images
Key Takeaways
- The Wall Street Journal reported that Bank of America created new positions for senior bankers who will oversee the working conditions of Junior Bankers.
- The change comes after a junior banking died last summer after working allegedly 100-plus hours a week.
- Journal reported that the bank also recently eliminated about 150 junior roles in investment banking.
According to a report published by The Wall Street Journal on Monday, Bank of America (BAC), has made a new change that will increase the oversight of the conditions of junior bankers.
Journalists who work for the bank said that the bank created permanent roles for senior banking staff to supervise the workloads of junior banking staff. Journal readers who are familiar with the situation said that the move was made in response to a recent round of job cuts affecting 150 junior investment banking positions.
The new positions are the most recent change in the industry following the death of a Bank of America banker aged 35 last year. A Journal investigation found that Leo Lukenas III, who died after working a 100-plus-hour week, was part of a trend among junior bankers to lie about workload.
Bank of America didn’t immediately respond to an early Monday comment request.
The shares of the bank giant were little altered in premarket trade, and ended last year up about 14.5%.
