Dear WSO Community,
In light of the recent tragic event from late last week, we have put together a Junior Banker Protection Policy, which states that no junior banker will work over 90 hours per week on average over any three consecutive weeks.
Here is a link to the draft policy. We encourage you all to review the same and share feedback. We want to keep the policy as simple as possible so it's easy to understand and has a better chance of driving real change.
We know that this is very challenging to implement and enforce, but we'd rather start an initiative to help junior bankers who may not have a safe way to raise concerns against bad practices, such as excessively long hours and toxic environments that put your long term health at risk.
We are looking to collect data using this form, where you tell us the bank and group that is violating this rule, and we will publish the data collected. However, collecting data anonymously is hard, and here are the challenges we currently face where we'd like your input:
- How do we ensure that the reported hours are accurate? Is there any evidence you can provide (we want to filter out any fakes)
- How do we verify the identity of the person submitting the document? We do not want any information submitted to lead back to the person reporting it.
- How do we protect the identity of the person submitting the evidence/form? We are thinking of deleting any identifiable information on the backend to protect the users in case there we are subpoenaed (most likely), but that means we cannot really defend ourselves in a defamation case. Is there a smart way to handle this issue?
Any ideas on the draft sections of the policy are appreciated. Let's work together to bring about positive change..
Thank You,
Patrick
Validating hours would be v hard but you could validate back to a work email to ensure the person is who they say they are and minimizes junk. This data is deleted as soon as possible.
Proper anonymity will require us to know the size of the firms/groups as to not expose the sole analyst if we were to release the name of some small shop.
Reality is majority of the excess and abuse at any bank is driven by a few tools whether that be at the md level, staffer level, etc. just start tracking who the main douches in banking and it will sort itself out
We can make the accountability really easy for this one. Just make the MDs stay late also for +90 hour, or +80 whatever the metric we want is. I understand every now and then for bakeoffs or similar it's long hours and that's just part of the job, BUT if this is an ongoing occurrence then this is a management problem. Just make the MDs stay late instead of hitting the Metro North back to Stamford and I bet the excessive hours stop real quick.
SB'd. MDs oftentimes only spend 10 minutes on something the junior team spends 100+ hours on. There's no alignment of effort or incentives, and the only real reward offered to juniors is the dangling carrot (future bonuses / promos / comp / exits). If there was a way to cap hours of commissioned work by MD and tie productivity metrics (fees per hours of labor commissioned) to mid-level and senior comp, it might be possible to weed out some bad actors and reduce low probability deals / BD work.
Good way to verify could be an (anonymized) snip of the first email received that morning and time stamped email of last sent out that day. It would be nice to be able to report on a daily basis, as I believe working from 8AM - 2:30AM is also atrocious on a a day to day basis. Of course this is more laborious, but I’d be more inclined to use the check in daily than accurately adding them up each week. Only assumption here is that you are technically working or on-call during that entire period, which requires honestly.
Juniors should be able to guarantee at minimum 6-7 hours of sleep EACH night or some sort of sleep bank where if you sleep 4 hours one night you can catch up and get 8 hours the next night. The real issue is the physical and mental deterioration / psychosis development that accelerates greatly with each day of sleep deprivation.
teamblind is WSO for tech with identity verification via corporate email. See how they do it.
Non odit itaque saepe. Eius alias voluptas consectetur rem autem non earum. Aut pariatur iste aut est explicabo ipsum. Voluptatem vitae cumque optio odio nesciunt quasi.
Magnam impedit quo doloribus earum qui dolor. Corporis harum quasi est.
Iste et et quia exercitationem. Sit blanditiis amet officiis qui. Doloremque corrupti natus placeat ex praesentium atque eveniet. Ut voluptatibus minima cum aliquam aut vel amet provident.
Doloribus esse minima et et. Sit et delectus dolor et nihil. Debitis dolores neque quo nihil dignissimos.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...