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:

  1. Head of FIG in the Americas, is fired immediately
  2. FIG Americas Staffer and COO is fired immediately
  3. After investigation, any other Senior Associate, VP, ED or MD on the UMB deal that allowed this to go on is fired
  4. 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
  5. 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-…

 

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 

 

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.

 

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. 

 

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.

 
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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 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)

 

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. 

 

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)

 

Someone else named the deal in a different thread, everyone has known the publicly announced deal since yesterday.

 
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