Bank of Americawhich is under close attention for the treatment of junior bankers changes World Health Organization oversees the load of its young executives. Now the bank has senior bankers – those who occupy the title of director and above – monitor character and volume of tasks compiled by lower level employees, who in the industry, famous for grueling hours, often work well in the night to complete the transactions.
The efforts of the Bank of America come after a series of tragedies involving young people who shocked the investment bank sector. In January, Carter Anthony Makintosh, 28-year-old Bank Investment Bank officer at Jefferies, died of a suspect from drug overdose. McCinto worked as much as 100 hours a week, NEW YORK POST report. Leo Lukeneas, Junior BoFA banker, died in May from blood clots. Lukenas worked 100 weeks before his passage. BOFA in 2014 built a policy of restriction of young bankers, junior performers often put pressure on lies about their loads, WSJ has report.
To carry out its supervision program, Bofa has long been hoping for what he calls the main model of the resource. According to this model, BOFA used mid -level executives for annual rotations to nominate work in junior investment bankers, reports Wall Street Journal.
BOFA decided to sway the model because it seeks to build the next generation of leaders, said a man familiar with the situation. Now the investment bank will rely on senior bankers working in permanent, full -time positions in the sectors and regions that will control the development of the young banker as their CRO.
Bank of America chooses volunteers or assigns the role of senior bankers who are no longer transactions, the man said. They said BOFA was looking for executives who have a very strong quality management, managed the teams and strongly feel the evolution of junior bankers.
“We want all our younger bankers to have the best experience, learning from teammates they work with, and additionally took advantage of career growth and the development of this role,” the BOFA said.
BOFA Securities, Department of Investment Bank of America, works thousands of bankers. It is unclear how many of their junior bankers. Usually, young executives have spent several years as a junior banker, including two analysts and two years as an employee before moving to the vice -president. At this point, they are usually working on a sector team, such as consumers, technology or industry.
BOFA also reduced about 150 junior investment bank roles, humans. Most people who were shortened were “reflected in new roles” by investment bank, such as financial analysis or strategic planning, the man said. “They got the opportunity to move where else,” they said.
Originally this story was presented on Fortune.com
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2025-03-17 22:42:00
Luisa Beltran
