Were JPM serious about the 80 hour cap?
I just wanted to get some opinions on whether the 80 hour cap is being enforced properly. We all know it was in the news a couple of months earlier and there were a lot of doubters saying that "It won't be capped during deals" and "Teams will just pressure Analysts to misrepresents the hours".
Today on an onboarding call for FT Analysts in London, JPM IBD HR mentioned that they were ramping up hiring directly because of this policy, particularly in the M&A team. They also mentioned that the class sizes will be higher in this year and the next.
Any insights from current JPM employees on how is it going?
Cheerio
You still browsing this site BiggieNoCheese?
Who is that
Wasn't the rule that it was uncapped for live deals? And you'll probably be on at least 1 live deal like 90% of the time?
JPM obviously not serious lol
Source: I work there.
lol
That rule is 🧢 people just lie about the hours they work now
Can confirm
Just so Jamie can say I told them not to
have familiarity. what might not work is trying to limit the hours directly, as alluded to above, live deals are exceptions. however, what does work is hiring more people (which JPM has, some groups more than others) because it means juniors are on less live deals per person or more juniors per live deal, thereby reducing the average hours. From what I can tell some people who have been around for a bit think that the hiring this year has helped a bit overall
Onboarding for FT of BBs in LDN takes place now also in December? Not in July anymore?
Its a series of monthly calls, pretty much nonsense. Two starts dates in June/July when it gets official w/ training and NY trip
I'd imagine this policy will last for a solid 80hrs then back to business as usual.
Fwiw at BofA there is daily monitoring of hours now and have seen staffers reallocate staffings (for pitches) as needed if people went towards the 90 hours / week. There are exceptions when people work on important deals but even then the hard cap generally becomes 100 hours and again, have seen staffers enforce this.
I imagine though there is some underreporting and that this depends to a degree on your team culture. Also 90/100 hours feels very different from 80 hours.
Long story short, hours seem to have improved marginally.
At MS LDN there is hours tracking now if you exceed 80+ but no real effect if you cross this consistently (senior may get a call asking why, but that's it)
Heard hours in some JPM LDN teams have improved quite a bit, probably the ones which were doing a lot of marketing work on weekends
How are they tracking hours though?
They require people to send weekly hours tracker showing hours in excess of 80, allocation by project etc
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