Bank of America - Juniors Strike to start Monday May 6th
BofA New York IBD Juniors, Me and a few others are organizing a plan, which is to go on strike beginning Monday. No analysts and associates should go to the office or even log on until the following demands are met:
Head of FIG in the Americas, is fired immediately FIG Americas Staffer and COO is fired immediately After investigation, any other Senior Associate, VP, ED or MD on the UMB deal that allowed this to go on is fired New proactive junior policies are put in place, including the following: a) Maximum hour cap of 100 hours for any single week b) if that cap is met in a given week, the junior in question shall work no more than 60 hours the following week c) On a monthly basis, no junior should average more than 80 hours per week d) All juniors should get minimum 1 weekend off a month, and no more than 2 Saturday exceptions in a month An immediate town hall with the head of Banking and other relevant execs to discuss other proactive ideas
ADMIN NOTE: it is unclear if this poster is an employee of BoA. Either way, WSO is trying to help organize a simpler policy that may help drive change here: https://www.wallstreetoasis.com/forum/investment-…
Hell yeah!
Unrelated to your comment but I just want this to be one of the first seen posts. This is a great initiative but can we actually take a look at OP’s (bronzbomba) comment history? This guy is clearly a ubs/cs junior and is at the moment verified as a ‘recruiter’ in another industry so might not even be a banker at all? Proceed with caution bofa juniors, this has hints of a troll post (which is incredibly distasteful considering the context).
You’re right. Dude posted if UBS layoffs would affect IB just one month ago. 🤦♂️
BofA doesn’t have EDs in the US and staffers have different official titles than COOs, who actually have very little to do with staff assignments.
Someone who works there within IBK would know these nuances because the terms are used pretty much daily
We need an update on the strike!!!
Seems like most agree with my suspicions...
WallStreetOasis.com I suggest you either put a mod note saying that you can't verify this post. Alternatively, you can ask OP to verify he works at BOFA and switch their post from under their username to the format that is anonymously under their employment info. E.g. 'Works at Bank Of America'.He is already verified for something so you already likely have his name in your database therefore OP doesn't have the excuse of wanting to protect their privacy.
This is on track to be the most popular Wall Street Oasis post of all time with easily the most media attention so if you don't want your site to reflect a misinformation haven then my suggestions seem logical.
Bumping for visibility
Nice. Let's go!
Bump
Bump for visibility!
Bump
Bumping for the initiative
Good luck
id simplify the demands to be "no one works past 1am" more than 2 times per week or something. I honestly think its ridiculous people work past 1am for ANY reason outside a critical emergency than endangers the firm (like a "margin call" movie type situation)
and no its not soft. working past 1am is absolutely absurd.
agreed the group head (who was on the deal), and the COO who manages and has visibility over hours should be fired immediately.
anyone on the deal shown to the pushing him to work late should be the same
id borderline fire the VP staffer who saw the staffing sheet report each week and did nothing too.
edit - I don’t think OP even works at BofA wtf
Pass 1 am repeatedly should be reasonable in deal sprint…however they should be allowed to dove in later in the morning + less staffed on bs pitches etc
No disagreeing with your sentiment, but allowing someone to come in later when they have kids does absolutely nothing.
Young kids don't give a flying fuck how late you were up. Wife is likely to be accommodating but probably needs some help for her sanity. IB comp at the junior levels doesn't usually allow you to afford legitimate childcare.
Yeah i'd be fine working a few hours on weekends if it meant a mandatory pencils down past 2am or something on weekdays
Second this
Good ideas
Bump good luck guys
bump
bump
bump
bump
Bump hope this works, need to set a precedent that this does not stand
bump
you should also demand the fees from the UMB Heartland deal be immediately donated to some wounded warrior vets org or something (in addition to the huge payout his next of kin deserves).
Good luck -- cheering you all on.
Bump
Bump fuckem and fuck that deal…
I read this without the “p”.
That too
Good for you. I really can't imagine how upset I would be if this happened to someone in my life. Quite literally being worked to death. When someone dies to an accident of nature or a medical disease you at least have the assumption baked into you that it's a cruel part of life and a possibility. Being used for labor over the course of weeks to the point that your body literally gives up I don't think can be accurately put into words.
Of course the majority of the responsibility lies with the senior management and staffer of the relevant group, but to some degree we all show up work everyday with the assumption that this is Ok. That the same seniors who watched this happen would be our mentor or a professional goal on any other day of the week. 10-20 years go by and your them.
Your last paragraph hits hard. Like continuing to stay in this job and rise the ranks implies somewhat that you agree with the way seniors think and its something you want for yourself at some point... Shouldn't need these horrible events for this but do you really want to be your MD in 10-15 years, where you're so driven by making money that nothing else matters and your main excuse/rationale is "well I "worked" this or more hours in my day". Who cares how many hours you worked in your day (most likely fewer hours than juniors log now)
Bump
Bump
Imagine his kids man. makes me sooooo angry.
when they grow up and get older they will be even more upset when the realize it from their dad being slave whipped to do 120 hours week for a stupid regional bank UMB Heartland M&A deal.
and yes, in his situation its borderline slavery. sure can quit at any time, but:
1. he had kids that need to be fed and healthcare insurance and bills to pay and the lateral market is trash right now
2. new job and career (after a career switch from military), so quitting after a few months would look BAD
no one quits in that scenario sorry.
This is an underappreciated comment. Veterans that are fortunate enough to get that first offer into IB or PE are in a really difficult position and ripe for exploitation. Very small network, very little industry bone fides, often older / with families which rely on them, and general feelings of isolation/trying to find new purpose. This is a huge generalization, but absolutely true to some extent for all Vets that transition into finance.
And they’re veterans so they respect hierarchy, and they don’t give up. Some dumbass MD gives them an impossible analysis with impossible deadline, and they’ll grind all night to get it done. While the Harvard kid would just say “fuck that” and end up fine.
Strength in numbers
Apes Together Strong
Bump
Congressional hearing
agreed. why is BoA taking bailout money from taxpayers and then overworking ex special forces soldiers.
doesnt seem very american to me. Bernie sits on the veteran affairs committee in the senate and he would jump at any chance to grill a bank (over any matter)
.
and don't forget record breaking profits since post covid across all banks too.
Bump
bump. Good luck!
bump
.....
Someone else named the deal in a different thread, everyone has known the publicly announced deal since yesterday.
Deals already been announced
Apologies, didn't know it was announced.
Makes sense then.
You work at ubs dude. Good initiative nonetheless
Why can't I find this post on LinkedIn?
was this taken down?
Can’t find it either.
Can't find it as well. Please don't tell me his investors made him take down the post to not piss off the bank.
This guy deleted his post, anyone know why?
Wondering the same. The explanation by Teller above might be the case.
I can’t find this post anymore, did he remove it?
Let's respect the family's wishes
Bump
Bump. Good luck!
Rooting for you guys, but what’s stopping whoever is in charge from firing you? There are a bunch of kids who’d take this job in a heartbeat.
No there aren’t. Especially after this
Unfortunately, no. Part of the reason of why people like us are attracted in this industry is because we are greedy and there is a part of ourself that that thinks we could do the job better then him so that we would'nt end up like him. And so people will continue to line up for those jobs. I am not saying this is right, I am just saying that this is how people think.
And this right here is the biggest issue with IB and why it will never really get better. What incentive do senior bankers have to change things when they know they can hire fresh juniors either from off the street or from another bank…
Wholesale change needs more than just the people in a group or firm to take action, when anyone will just walk in off the street to “happily” fill their role
Big issue here nobody is talking about is the drastic fall in quality of the analysts and associates compared to 10 years ago. Poor excel skills, poor management of time, no coping skills - and DEI pressure to give jobs to individuals who don’t have what it takes, just because of their appearance. this adds stress and workload onto the fewer qualified performers. every high performer has to pick up the slack of the DEI hires on top of their own responsibilities. this is how 100/hr weeks turn to 120/hr weeks for the performers. It’s not nice to say but it must be said
Some things are too important not to stand up for.
That’s not the point. Super ignorant to say we should be worried about our own jobs because we are advocating for the absolute bare minimum working conditions. If I left a wife and kids behind I hope someone would speak up so this doesn’t happen again. The bar is set so low in this industry. Something’s gotta give.
Bump, power to the people. How many more lives before there's tangible change?
Just sent a note to a prominent politician and former lawyer requesting investigation into the matter.
Bump
Bump. Good luck gentlemen.
This is the second time something like this has happened at Bank of America. Clearly the actions they put in place to stop it happening again were merely surface level.
First instance: Bank of America intern's death puts banks' working culture in spotlight | Banking | The Guardian
Deutsche Bank introduced hard caps of 10pm for interns after that happend because it was a German intern. However, i do not recall any actions conducted by Bank of America. BofA at least stopped doing campus events at the university where the student was attending from what i heard
Do we think this will blow over like that one Bofa intern incident a few years ago?
Honestly, while it's a great idea, I'm not sure many juniors will join you. Job market is horrible and too much career risk.
Actually the intern death didn’t just ‘blow over’ and BOFA is the only top bank in london now with a 10pm restriction for interns. However, The intern thing feels like virtue signalling considering there is no unique protection for full time workers in london and clearly not NYC either. I’m not even sure NYC has the same intern protection that London has and if that’s the case then that adds even more insult to the injury.
At least from an MBA internship perspective in NYC, BoA has a notoriously lighter internship experience relative to the rest of the street. Imo i don’t think that sets u up for success when u come back FT and get hit with a ton of bricks in the form of 4am night regularly and abusive a—hole seniors
BofA caps intern hours at 75 per week, and has a system in place where anyone working full-time over 80 hours for more than two weeks is escalated to HR.
But, from personal experience folks are pressured not to accurately report hours worked so their staffer / group head does not get in trouble with HR.
BUMP
Bump
Bump!
Since the new class started at BofA FIG, I think 3 - 4 analysts have left already before bonus and everything.
I’ve been told by a first year that they needed to push back the call bc they have been working for 24 hours straight
Bumping
Please do this. The industry needs to change
bump
Godspeed lads
I love military mindset. And I don’t mean this in an ignorant way, I never served. I love the clear demands. This job would be just as effective working 60-70 hours a week vs 120. 120 is a function of incompetent, psychopathic, or inefficient seniors and needs to be directly addressed, analyzed, and discussed. “I did it so you do too”… irrelevant opinion.
I’d go out on a limb to say we are all for working hard when the time and place calls for it, but the level of abuse juniors need to endure in this job is unwarranted.
From my friends in the military, there is normally a level of mutual respect where if the juniors are working long hours or doing something strenuous… so are you, as the fucking leader of the team. I have no idea why banking has this warped idea of abusing juniors.
Nothing will likely change, but I hope this leads to an expose on how inefficient and disrespectful seniors act towards juniors
Im.a vet in banking and this is spot on. You do sometimes work 100 hour weeks in thr military (combat or during combat simulation training). Guess who also stays up with the juniors...the officers and leaders. It's completely baffling to me in banking leaders grind the juniors who stay late and work all night while seniors go home and sleep. Do that one time as an officer in the army (sleeping while your soldiers work) and you will get relieved on the spot.
I wonder how many hours MD slept the past 4 weeks. Bet it's a lot more than his associates that he grinded on this deal....
I second
Not BOFA but extremely proud of you guys!!!! ROOTING FOR YALL
Y'all should put together a statement/petition that everyone can sign
Are there plans for a demonstration outside BofA HQ or something similar?
Bumping for visibility.
Bump! Best of luck gentlemen.
bump
Good luck and god bless. Hopefully this tragic event can spur real change at BofA and across the industry.
There was another death just over a year ago at RBC. https://www.efinancialcareers.com/news/2023/04/michael-graham-rbc-assoc…
no one should be dying from this job
Best of luck 🫡
Bump
How did he die? At his desk?
Bump. Let’s get it
Bump!
Respect
Bump, good luck yall 💯
Can someone post the full context here / full story? I have only seen snippets here and there.
Can someone post the full context here / full story? I have only seen snippets here and there.
Please see this thread: Xxxxxxxxxxxxxx
bump!
De Oppressor Libre!
bump
BUMP
Bump
Bump for visibility - greatest of luck folks!!!
Once you hit 100 hours, you should literally not be able to log on. The culture is such that people at all levels, even those working these ridiculous hours, neglect any sort of notice regarding hours. You need to make it certain that the junior will be 100% beyond any sort of recourse for not working over 100 hours.
CFBR
Seriously rooting for you guys
Just want to wish you all luck here. Remember, a few years ago a few Goldman juniors compiled a PPT and because of that (and other factors) we all got pay increases. There is a lot more reason behind this action than that time, and honestly I don’t see a problem with EVERY analyst and associate in IB at BoA to be CCed in an email to HR and IB head detailing this.
Godspeed gentlemen.
Don’t even expect pay raise given such sad incident — however change of management style & hold incapable seniors accountable need to take action
No one is asking or wanting a pay raise. I was just noting an industry wide change that occurred due largely from the actions of a few juniors. I don’t think anyone is looking for money, what we all want is accountability for this action as well as more focus on junior health. If there were more strict rules, then this wouldn’t happen.
Imagine if all banks had a rule that you cannot work 2 weeks back to back over 100 hours, or that for every week a senior worked a junior 100 hours or more they were stipulated a $1000 bonus paid quarterly (to prevent someone getting screwed by a layoff or something), I guarantee there would be changes.
I will not take a $300,000 pay increase if it means there’s a realistic chance I die because you want to work me to death. That is the point
Genuinely curious, why limit strike to BofA juniors? Would think all of Wall Street is overdue for reform at the junior level.
Damn right. Good for you all.
There were a couple associates I met in the M&A group that looked like they are medically ill as well. Seniors love to take advantage of decent employees. Hopefully there is change and my prayers to the victims family. Truly sad to those that are taken advantage of on the basis of their work ethic. Be better seniors. “Responsible growth” am I right?
Bump
Other analysts at other banks should join on this. Street wide strike
Bump
Godspeed. Hoping you guys get a lot of traction at BofA and other firms too
Bump
Godspeed!
Bump, fuck yeah
Bump. Prayers for the family
Bump. God speed.
How this was handled is sordid and we as an industry have to be strident to avoid this happening again.
Rooting for you guys
We should do that at other banks as well
Bump
Bump!
I am cheering for you guys, but honest suggestion (some may see this as a hot take...)
Focus on onboarding the GOOD juniors. As someone who works with the A&As at BofA on the daily, having the MBA Associates not log on for a while might actually not be a bad thing. Could actually be seen as a net positive to be very blunt. We might actually get something done right and on time...
What’s wrong with you?
BUMP
bumping for visibility
Bump
Bump for visibility
BoA seemed to have gotten off scott free from blaming the 2013 intern's death on a pre-existing condition which was never disclosed to the bank. The court ruled that 22-yearold Moritz Erhardt died of "natural causes" i.e. his epileptic seizure.
Bump, good luck!!!
Bump
Firing is a good start but I hope the family considers criminal charges.
Agree. The seniors on the deal team should not only all be fired but they should also be criminally charged. Overworking an employee to death like they did could very well constitutes involuntary homicide or even 3rd-degree murder.
If we really want the culture in this industry to change we should make an example of these guys.
GL
Bump
Yeah the Boyz
Keen to hear how well this goes
Good luck fellas!! I REALLY hope you succeed.
Good luck - it's disgusting how fucking ball-less (or genuinely bad at their jobs) some senior people are that they can't push back on clients.
It's not that difficult, if you actually know your team, know your work, and have a little fucking empathy. If it's dragging, you share the workload with your team, you don't work them to death.
The senior people that benefitted from the bull market (and have no other skills) need to be pushed out of the industry, they're useless and just sit at the top stealing comp and opportunity from others.
100% exactly.
.
I'm not opposed to this at all.
That being said, all your other threads are on UBS and CS. Are you actually who you say you are?
Yeah curious about this also.
This, can anyone else at BoA confirm if something is in the works?
Also the fact that hes using ED instead of just director kinda alludes that he works for UBS or some other bank. Hopefully im just being delusional here or there is a backstory we dont know about.
But if in a case where youre just doing this just to get attention, go find god.
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