JPMorgan Chase doubles down on tackling a troubling workplace trend

JPMorgan Chase (JPM) appears to be as well cracking down on a startling place of job trend. The banking industry has recently come under following the death of a 35-year-old Bank of The United States employee who died in May after suffering a heart attack while working a hundred-hour workweeks.

After a report from the Wall Side road Journal last week revealed that Chase should be capping the work hours of its junior investment bankers at 80 hours a week, with a few the most productive valuable exception being if the bankers are engaged on a are living deal, Chase will now also put into effect additional measures.

Related: JPMorgan Chase, Bank of The United States crack down on toxic place of job trend

In accordance with a memo sent to Chase employees obtained by the Guardian, Chase has created a new role at the company, “global investment banking associate and analyst leader." One of many role’s duties includes guaranteeing the “well-being and success” of junior bankers.

The memo revealed that Ryland McClendon, who's currently a managing director at Chase, should be appointed to the new role.

“On this role, Ryland should be to blame for leading our associates and analysts globally,” read the memo. “She shall be useful to enhance their wellbeing and success, as well as equip and enable them to deliver for our business, clients and every other.”

She may perhaps also be to blame for analyzing how the bank’s new 80-hour workweek cap should be enforced.

As well as, Chase will hire more junior bankers to lessen workloads for employees, based on the Guardian.

Chase failed to at once reply to TheStreet's request for comment.

JPMorgan Chase CEO responds to up-to-the-minute death of Bank of The United States employee

The changes from Chase comes after its CEO Jamie Dimon reportedly told investors in May that the death of Leo Lukenas III, the Bank of The United States employee who died of a blood clot in his heart after working a hundred-hour workweeks, prompted him to reflect on the location.

"The 2nd that unfortunate death came about, a bunch of us were right in Robin's place of job," said Dimon, referring to Robin Leopold, Chase's executive vp.

Dimon also said that Lukenas’ death highlighted the importance of pinpointing "what we do know, what can we learn from it."

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Investment banking analysts inside of the banking industry often work grueling hours. A 2023 survey from Wall Side road Oasis found that investment banking analysts work a median of over 70 hours a week and go to sleep past dead night.

“It truly is basically baffling how often I find yourself inside of the place of job at 1 am – 2 am simply because my Director, VP or Associate is here,” said an industrial analyst at Stifel inside of the survey. “They every leave after they’re done with their work, but it’s highly frowned upon for Analysts to depart ahead of all of them have left.”

The survey also found that Seventy one% of banking professionals at Chase who were polled said that work hours have negatively impacted their relationships. Also, eighty one% said they're given unrealistic closing dates at the company.

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