Bank of America Overhauls Junior Banker Oversight Following Tragic Death

The bank has introduced permanent senior oversight roles, eliminated 150 junior positions, and is exploring AI tools to address workload concerns.

Bank of America has created permanent senior banker roles to monitor junior bankers' workloads, replacing the previous mid-level oversight model.
The reforms follow the 2024 death of junior banker Leo Lukenas III, who reportedly worked 100-hour weeks before succumbing to a blood clot.
Investigations revealed systemic issues, including pressure on junior bankers to misrepresent their working hours to avoid breaching limits.
The bank has cut approximately 150 junior investment banking roles, with some employees reassigned to other divisions within the company.
Executives are considering additional measures, such as leveraging artificial intelligence tools, to reduce workload pressures and improve efficiency.