Bank of America increasing oversight of junior bankers’ workloads, WSJ reports

Bank of America (BAC) is increasing its oversight of junior bankers’ workloads, The Wall Street Journal’s Alexander Saeedy reports. While the bank previously relied on midlevel employees on one-year rotations to assign work to its thousands of junior investment bankers, Bank of America has now made that role a permanent position for senior bankers, with the goal of strengthening supervision of young employees who may be facing heavy workloads, Saeedy writes. The change comes as the bank eliminated roughly 150 junior investment-banking roles for lower-performing employees last week, people familiar with the matter say. Following the death of an employee working 100-hour weeks last year, JPMorgan (JPM) and Morgan Stanley (MS) both instituted limits on weekly hours, while Bank of America implemented a new timekeeping tool that requires junior bankers to go into more detail about how their time is spent.