The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns

by admin September 19, 2024
September 19, 2024
JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns

JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees.

The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned.

Associates and analysts are on the two lowest rungs in Wall Street’s hierarchy for investment banking and trading; recent college graduates flock to the roles for the high pay and opportunities they can provide.

The memo specifically stated that McClendon, a 14-year JPMorgan veteran and former banker who was previously head of talent and career development, would support the “well-being and success” of junior bankers.

The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. In May, Bank of America’s Leo Lukenas III died after reportedly working 100-hour weeks on a bank merger. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy.

Then, starting in August, JPMorgan’s senior managers instructed their investment banking teams that junior bankers should typically work no more than 80 hours, part of a renewed focus to track their workload, according to a person with knowledge of the situation.

Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.

Dimon railed against some of Wall Street’s ingrained practices in a financial conference held Tuesday at Georgetown University. Some of the hours worked by junior bankers are just a function of inefficiency or tradition, rather than need, he indicated.

“A lot of investment bankers, they’ve been traveling all week, they come home and they give you four assignments, and you’ve got to work all weekend,” Dimon said. “It’s just not right.”

Senior bankers would be held accountable if their analysts and associates routinely tripped over the policy, he said.

 “You’re violating it,” Dimon warned. “You’ve got to stop, and it will be in your bonus, so that people know we actually mean it.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
In federal trial, Michael Kors says it’s harder to sell handbags in TikTok and Taylor Swift era
next post
Morning Glory: Why I Am Voting For Trump 

Related Posts

Sierra Space CEO leaves as $5 billion company...

January 8, 2025

Ascension Health, largest Catholic hospital chain in the...

May 10, 2024

Stock market has worst day since 2022 as...

July 26, 2024

Streaming overtakes cable and broadcast as the most-watched...

June 19, 2025

Three Mile Island nuclear plant to help power...

September 21, 2024

Some tariff concessions from Canada and Mexico touted...

February 7, 2025

‘They can’t get it wrong again’: Economists are...

April 10, 2024

And they’re off! On the sidelines of a...

May 5, 2024

‘So darn easy’: IRS’ free Direct File pilot...

March 8, 2024

Biden to launch task force to crack down...

March 7, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Microsoft says goodbye to the Windows blue screen of death

      July 1, 2025
    • Home Depot is buying GMS for about $4.3 billion as retailer chases more home pros

      July 1, 2025
    • Home Depot is buying GMS for about $4.3 billion as it chases more home pros

      July 1, 2025
    • Google makes first foray into fusion in venture with MIT spinoff Commonwealth Fusion Systems

      July 1, 2025
    • The Best Five Sectors, #25

      July 1, 2025
    • Pullbacks & Reversals: Stocks Setting Up for Big Moves!

      July 1, 2025

    Categories

    • Business (1,276)
    • Politics (3,883)
    • Stocks (1,480)
    • Uncategorized (45)
    • World News (1,269)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved