In Bud tragedy, bofa tasks older executors with the supervision of the work load of junior bankers
Bank of Americawhich is under the supervision of the younger bankers, changes WHO oversees the work burden of their young managers. The bank now has older bankers – those who own the title of director or more – triggered the nature and amount of tasks accumulated on lower level staff that, in the industry known for hard hours, often work well on nights to complete contracts.
The efforts of the Bank of America come after a series of tragedies involving young people who have shook the investment banking sector. In January, Carter Anthony McIntosh, a 28-year-old associate of investment banking in Jefferies, passed away from suspicion of drug overdose. McIntoch worked as much as 100 hours a week, New York Post reported. Leo Lukenas, junior Bofaer Bofa, died in May from a blood clot. Lukenas worked 100 hours before he passed. In 2014, Bofa launched policies to limit the youth bankers’ hours, the younger executors were often under pressure to lie about their work loads, WSJ reported.
In order to implement his surveillance program, Bofa has long relied on what she calls the main model of resources officers. According to this model, Bofa used medium -level executives for one -year rotation, for a job award to younger investment bankers, according to Wall Street Journal.
Bofa decided to shake off the model because she tries to build the next generation of leaders, said the person familiar with the situation. The investment bank will now rely on older bankers, working on constant, regular positions in sectors and regions, which will oversee the development of a young banker as his cros.
Bank of America chooses volunteers or assigns the role of senior bankers who are no longer sent, said that person. Bofa is looking for executives who have a very strong quality of leadership, they have managed teams and feel strongly because of the evolution of younger bankers, they said.
“We want all our younger bankers to have the best experience, learn from the teammates they work with and benefit further from the growth and development of the career this role brings,” Bofa said.
Bofa Securities, Department of Investment Banking of the Bank of America, employs thousands of bankers. It is unclear how younger bankers are. Young executives usually spend several years as a younger banker, including two as an analyst and two to three years as an associate, before moving on to vice presidents. At that moment, they usually work in a sector, such as consumer or technology or industry.
Bofa also reduced about 150 roles of junior investment banking, that person. Most of the reduced people “are copied on new roles” outside investment banking such as financial analysis or strategic planning, said that person. “They gave them the opportunity to move elsewhere,” they said.
This story is originally shown on Fortune.com
