JPMorgan tells investment bankers to take it easy on weekends
(Reuters) - JPMorgan Chase & Co (JPM.N: Quote) has joined other Wall Street banks in telling its investment bankers to improve their work-life balance by taking weekends off.
Unless, of course, there is a big deal in the works.
In a business where multi-million dollar bonuses are at stake, 100-hour work weeks are not unusual.
But the issue of work-life balance has intensified in recent years following the death in 2013 of a Bank of America Merrill Lynch intern who allegedly had worked 72 hours without sleep.
JPMorgan's announcement was made on Thursday by Carlos Hernandez, head of global banking, on an internal call with as many as 2,000 employees listening in, company spokeswoman Tasha Pelio said.
The changes apply to everyone in JPMorgan's investment banking unit, from analysts to managing directors, Pelio said.
JPMorgan is also rolling out a promotions program to enable top-performing analysts become managing directors more quickly.
The standard 12-1/2 year wait to become a managing director will be reduced by four years if a lower level employee exceeds expectations at all junctures, Pelio said. Continued...