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The Journal.

Outcry at Bank of America Over Dangerous Workloads

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.3K Ratings

🗓️ 22 August 2024

⏱️ 19 minutes

🧾️ Download transcript

Summary

In May, an associate at Bank of America died unexpectedly after working long hours on a big acquisition. The death sparked an outcry about the all-nighters and 100-hour weeks that grind down young investment bankers. WSJ’s Alexander Saeedy spoke to over three dozen current and former employees about a pervasive culture of overwork at the bank. Further Reading: -How Bank of America Ignores Its Own Rules Meant to Prevent Dangerous Workloads -Bank of America Urges Bankers to Sound Alarm on Overwork After WSJ Investigation Further Listening: -Lewd Photos, Booze and Bullying: Inside the FDIC’s Toxic Culture -JPMorgan's $75 Million Jeffrey Epstein Settlement Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

In May, a junior banker at Bank of America died unexpectedly.

0:11.5

His name was Leo Luchenes the third.

0:15.0

Before he died, Luchenes had been working long hours on a big acquisition,

0:21.0

sometimes more than a hundred hours a week according to his former colleagues.

0:26.0

After he died a lot of people with similar entry-level jobs took to social media sharing their concerns about working conditions on Wall Street.

0:40.0

When I started as an investment banking analyst, I worked 100 hours every week and was constantly sleep deprived.

0:45.3

If you get the job, you were then worked to the bone like you wouldn't believe.

0:50.0

Sometimes I had calls like with clients at like 1 a.m. depending on their time zone and then I would continue working until 3, 4 a.m.

0:57.6

It is time for the industry to make some serious changes.

1:01.6

We can no longer normalize these excessive working hours.

1:07.5

After Lukenes's death, Bank of America said, quote, our focus is on doing whatever we can to support the family and our team.

1:16.0

The bank has rules in place to prevent overworking and has said it takes disciplinary action when violations of its rules occur.

1:29.0

Our colleague Alexander Saeedi started looking into what happened to Luke Kennes.

1:35.0

You know, it dawned on me when we were starting to report about what happened to Leo that what

1:39.9

we were looking at could be a potential failure in the systems meant to protect young bankers.

1:51.9

There was a lot of concern and I think anger from young people who felt

1:58.1

scared that this could happen to them.

2:01.9

So Alex began investigating.

2:04.7

He spoke to over three dozen current and former Bank of America employees

2:09.8

who worked at offices all over the world in places like New York, Chicago, Hong Kong, Houston,

2:16.7

Tokyo, London, and San Francisco.

2:19.8

We spoke to people doing very different things across the investment bank,

...

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