Key Takeaways
- Bank of America has introduced new positions for senior bankers to oversee the working conditions of junior bankers, The Wall Street Journal reported Monday.
- The change is the latest after a junior banker died last year after allegedly working 100-plus hour weeks.
- The bank also recently cut about 150 junior investment banking roles, the Journal reported.
Bank of America (BAC) has made another new change to increase oversight of the working conditions of junior bankers, according to a Monday report from The Wall Street Journal.
The bank has created permanent roles for senior bankers to oversee the workloads of junior bankers, people who work at the bank told the Journal. People familiar with the matter told the Journal that the move comes amid a recent string of job cuts of about 150 junior investment banking positions.
The new positions are the latest change in the industry after the death of a 35-year-old Bank of America banker last year. An investigation by the Journal later found that Leo Lukenas III died after working 100-plus hour weeks, allegedly part of a trend where junior bankers were pressured to lie about their workloads.
Bank of America did not immediately respond to a request for comment early Monday.
Shares of the banking giant were little changed in premarket trading, and ended last week up about 14.5% over the last 12 months.
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