JPMorgan has a color-coded spreadsheet for bankers who work too much
From Quartz:
According to a Bloomberg report on the experience of young bankers, those who spend more than 75 hours at the office in a week are coded red; those who spend less are marked blue or yellow.
Jeff Urwin, who co-runs corporate and investment banking at the company, looks at the spreadsheet weekly. If people keep coming up red, he may call them or their manager to find out if they’re working on something that justifies the hours. If it doesn’t, a manager might get a warning.
How do they keep track of hours worked?
WaccaWacca, it's called time sheets and computer monitoring. Every bank has them. Welcome to the world of big brother.
How does the computer monitoring really work? Are reports actually generated on how long someone is on a computer? Who ever has time to look at that type of thing.
Glad to hear that JP Morgan has discovered conditional formatting
I LOLed
Hahahaha, best comment. SB given.
Next thing you know these guys are going to start using data validation and none of us will know what to do.
I remember seeing this comment and hoping it would do well. Glad it did. Good for many lols.
Haha - still funny a year later
Amazing comment.
Deleted
As great as the article describes the tech industry, is not as fulfilling as it sounds lately. There are more implications to the technology outburst, and bankers will be needed for quite a long time. JPM is only following other BB banks that found a way to "advertise" their "less" hours policy within the bank. The work still needs to get done no matter what.....
A lot of this could be solved with less face time and more flex time. Tons of time spent in the office is ideal, either waiting for corrections or ducking around so you don't look like you are leaving early. Just let people come in late/leave early or take random time off when things are slow to offset the long hours when things heat up.
Hits the nail on the head. Smart M&A bankers seem to fail to grasp the concept.
I don't see why bankers can't use a system similar to that of hospital staff, where an alternating group of people stay late and if anything comes up, they call in the rest of the team. Based on what my friends in IB tell me, their workday should usually just start at 2-3pm anyway.
Agree on having people start later but you can't just have random "shifts" of people staying late or starting earlier... This just isn't how the deal process works. There is a done of deal-centric IP generated and only those working on a deal will know what's going on. Bringing on outside personnel would be more inefficient than the current system, which is why that system hasn't been adopted.
Ahh, I'll defer to this then.
I want to ask you this question then - so if someone working in IB says they worked 90 hours a week, how many hours do they actually "do work" and not sit around waiting for things to happen, or waiting for documents etc. In my humble Corp Fin experience at a well known F50, I am in the office 50 hours a week on average, but there is no way I am working for 50 actual hours. Granted being in the office for 90 hours sucks, but I was just curious.
Thanks.
Imagine having to brief the "night crew" on every minor piece of info every day.
A spreadsheet that changes colors? What kind of wizardry is this?
Well, he must have seen my name EVERYDAY last summer... Thanks for the help buddy.
Awesome
bah
Hi, Nice information.....
"...call them or their manager to find out if they're working on something that justifies the hours."
Can you imagine as an analyst getting a call from the head of your CIB asking you to defend why you were at work 80 hours last week?
"I was thickening the width of CAGR lines" "My associate was still in the office"
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