Bank of America is being scrutinized for the treatment of junior bankers, changing Who is Oversees workloads of young executives. Banks currently have senior bankers (holding titles other than supervision). This is an industry well-known for its tough times, overseeing the nature and quantity of challenges built up on low-level staff who often work well at night to complete transactions.
Bank of America's efforts come after a series of tragedy involving young people who have shaken up the investment banking sector. In January, Jeffries' 28-year-old investment bank associate Carter Anthony MacIntosh passed away from suspicion of a drug overdose. McIntock worked 100 hours a week; New York Post It has been reported. Bofa junior bunker Leo Lukenas died of blood clots in May. Lukenas had been working for over 100 weeks since his death. BOFA enacted a policy in 2014 to limit young banking hours. Junior executives were often pressured to lie about their workloads, the WSJ reports.
To run monitoring programs, Bofa has long relied on what is called the top resource officer model. In this model, BOFA used medium-level executives in a one-year rotation to allocate work to junior investment bankers. Wall Street Journal.
Bofa chose to shake up the model as they are trying to build a next-generation leader. Investment banks currently rely on senior bankers, working in permanent full-time positions across the sector and region, overseeing young bank development as CROs.
Bank of America said it has chosen volunteers and assigned roles to senior bankers who are no longer traders. Bofa is looking for executives with a very strong leadership quality, managing their teams and feeling strongly about the evolution of junior bunkers, they said.
“We hope that all junior bankers have the best possible experience and learn from the teammates they work for and benefit further from the career growth and development this role brings,” according to a statement from Bofa.
Bofa Securities, the investment banking arm of Bank of America, employs thousands of bankers. The number of junior bunkers is unknown. Young executives usually spend several years as junior bankers, including two as an analyst and two to three years as an associate before moving on to Vice President. At that point, they are usually working on sector teams such as consumers, technology, industry and more.
Bofa also cut the role of around 150 junior investment banks. The majority of those who were cut off were “mapped into new roles” outside of investment banks, including financial analysis and strategic planning, people said. “They were given the opportunity to move somewhere else,” they said.
This story was originally featured on Fortune.com.
