Overview

• 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.