JPMorgan will now cap junior investment bankers’ hours at 80 a week in most cases. Meanwhile, Bank of America is implementing a new timekeeping tool that requires junior bankers to go into more detail about how their time is spent. The changes come after the Journal investigation revealed that junior bankers at Bank of America were routinely instructed to lie about their hours to avoid exceeding hourly limits.
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Wall Street curbs young bankers’ hours after overwork outcry
“We successfully piloted this improved technology platform earlier this year to help our team more efficiently serve our investment banking clients,” a spokesman for the bank said.
