Bank of America is introducing a new tool to more closely monitor the amount of hours its junior investment bankers work, part of a larger pattern of banks capping work time for young employees a few months after the sudden death of a junior associate.
BofA’s new monitoring tool, which will reportedly go into effect next week, will require U.S.-based junior investment bankers to log hours daily, rather than weekly, in the company’s timekeeping software, the Wall Street Journal reported. They will also input information about the deals they are working on, which senior bankers are supervising them, and their ability to take on more work, using a scale from 1 to 4.
