Bussiness
Overworked junior bankers at JPMorgan are getting someone to check on their well-being
JPMorgan Chase has created a new global role to oversee junior bankers and analysts and prevent overwork.
Ryland McClendon is the newly appointed global investment banking associate and analyst leader, according to an internal memo from earlier this month seen by Reuters.
The firm has employed McClendon for just under 14 years, most recently as a managing director involved in talent and career development and previously as an investment banker.
Per Reuters, the JPMorgan memo said that McClendon’s duty in her new post would be to support the “well-being and success” of associates and analysts, two of the more junior positions in investment banking.
The change comes amid heightened scrutiny over Wall Street’s culture of long hours, high workloads, and burnout, especially for early-level career employees.
The death of a 35-year-old Bank of America associate in May, which was deemed to be caused by a blood clot, sparked renewed concern regarding working conditions.
JPMorgan recently capped junior bankers’ working time at 80 hours a week, with certain exceptions, including during a live deal.
BofA is introducing a timekeeping tool to track junior bankers who are deemed to be overworking; those working more than 80 hours a week are flagged to human resources.
Business Insider contacted JPMorgan for comment but didn’t immediately hear back.
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