JPMorgan Chase has announced new limits on the working hours of its junior bankers, capping them at 80 hours per week, a first for the institution.
The move is part of a broader effort by major investment banks, including Bank of America, to address concerns over the demanding work culture, which has long been associated with extreme working hours and, more recently, linked to health issues.
JPMorgan confirmed to Fortune that the new policy will limit hours in most cases, in addition to its existing policy that mandates a “pencils down” period from 6 p.m. Friday to noon Saturday, and guarantees one full weekend off every three months. However, certain situations, such as live deals, will remain exempt from these restrictions. A typical 80-hour week could involve six days of work from 8:30 a.m. to 10 p.m., or 11 hours a day across seven days—still double the average 40-hour workweek for most American employees.
This adjustment follows growing scrutiny of the high-pressure work environments at Wall Street banks. Earlier this year, the death of Leo Lukenas, a former U.S. Green Beret who had transitioned into investment banking at Bank of America, raised alarms about the industry’s intense work culture. Lukenas died from a blood clot after reportedly working over 100 hours per week. This tragic incident prompted renewed calls for reform and an internal review at Bank of America and JPMorgan, leading to discussions on policies that might mitigate overwork.
Bank of America has already implemented an 80-hour cap for junior bankers, but reports indicate these limits have often been disregarded. The bank is introducing a timekeeping tool that will require employees to log their hours daily and specify the projects they are working on, in an effort to enforce these policies more effectively. The company has not provided further comment on these changes.
With input from Fortune, Yahoo Finance, the Telegraph.
