Thoughts on this? I personally don’t think this is going to change anything…sadly even after multiple deaths recently and analysts will still be forced to lie about hours
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Interesting that they are making select senior bankers responsible for workload now. Hopefully they select MDs who are well regarded and who have the right level of autonomy to make changes internally when required.
On the other hand, choosing MDs who can’t push for changes might make staffing even more political and result in more pressure to lie about hours.
I’m not at BoA so just conjecture. What do people at the bank think?
They are not taking well regarded MDs and pulling them out of their banking role to be full time staffers. They are taking directors who no longer want to be an investment banker and/or have no promotion potential and making them the full time staffers. The Director they made do this job in one of the larger coverage groups already quit and left BofA last week.
That is disappointing. Sounds like another band-aid fix for PR purposes.
That is a worst case scenario...bitter mid-career, unsuccessful former bankers aren't ideal.
Delete - replied to wrong post
To be fair, this group has had insane turnover over the last ~3 years. This guy was put in charge of a burning ship and absolutely made the right decision. There’s no way he would have been able to do anything to help the juniors’ wellbeing when one of the current co-heads is extremely toxic and half of the VPs and up are literal sharks
Yeah unfortunate but not surprising that they are putting bottom bucket Directors in these roles.
Why would any Director on track to make MD agree to give up that career to be a full time resource manager?
Unfortunately the profile of a bottom bucket Director taking a role like this is someone who is risk averse and just looking to continue to get a large salary. They wont be the type to push back or have juniors best interest at heart. Will likely just be bitter that their banking career has stalled / failed.
Would be better to have mini COOs run junior resourcing, and that they reported not to Group Heads but to Banking COO / CFO. Then they could actually enforce staffing rules above objections from Group Heads / Senior Bankers who generally are maximizing revenue NOT junior WLB / well being
They’re not reporting to group heads, it’s a separate group and they’re reporting to a MD who is essentially in charge of junior wellbeing.
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