JPMorgan, BofA to Limit Banker Hours

JPMorgan Chase and Bank of America are introducing measures to limit and monitor the working hours of junior bankers following the death of 35-year-old Bank of America associate Leo Lukenas III, who died from a blood clot after working multiple 100-hour weeks. JPMorgan will cap junior bankers' hours at 80 per week, with exceptions for live deals, while Bank of America will enforce a similar cap and introduce a new timekeeping tool to ensure compliance. The new policies are responses to a Wall Street Journal investigation revealing overwork and falsified work hours among junior bankers. These changes aim to address the hazardous overwork culture in the investment banking industry, though skepticism remains about the effectiveness of these measures without a broader cultural shift.