WSJ article on IB BofA employee death

Don't think the hours are that bad in Chicago anymore but it's crazy how much time was wasted in that office by higher ups who couldn't win business.

I would have an axe to grind too if I had to work those 2021 hours, but the implication of "leaving" after your third year as an analyst in an office where A&A promotions are handed out like candy are fairly obvious

Unless there is some strictly enforced legislation passed that says you can't work for more than X hours a week, sadly nothing will change.

Gary Howe is still employed if that tells you anything about BofA is handling things

Thanks for sharing - more people need to hear about this.

Just disgraceful honestly... Nothing more to say about these practices

People are missing the biggest twist in the story. Leo had a freaking twin brother, whose IB internship at GS started just weeks after his brother died. That is insane. Can't imagine what was going through his head.

This whole story is nothing but sad, but a big thank you to Alexander and WSJ for sharing. This is incredibly important! 

bump

Glad it was made mainstream, hope it leads to lasting change

Paywalled. Can someone post the full text?

https://www.wsj.com/finance/bank-of-america-tells-bankers-to-report-bos…

update to the article with BofA making a statement

thanks to alexander.saeedy for the writeup

In my experience, the more incompetent the MD/VP, the worse the hours were. Nothing like working under an MD that kept all the information without sharing it, then let you know last second about something that he wants asap, without giving you any context. 1 deal under this MD would result in long hours and a lot of stress. Somehow I could work 3-4 deals with another MD where everything was clear, and my hours were significantly better and there was no stress at all.

If MDs had 40% of their bonus tied to how well they managed internal projects, which was driven by junior employees, I promise you culture would improve overnight.

Unfortunately, nothing will change.

Also, it’s ironic to see finance meme pages post their concerns of modern IB junior work conditions while simultaneously posting memes glorifying the “old” days of finance where this type of work abuse was even more common and was directed at the analysts who have since turned into today’s MDs who then relay it back to the analysts in a vicious cycle.

It is illegal for an employer to have you undercount your hours like that.

So much of long working hours stems from poor communication. It’s baffling to me sometimes how people will simply not send an email or pick up the phone to save hours of work. It’s almost like they do it on purpose. 

Was in the FIG group this summer. I can report nothing has changed other than massive exodus of juniors from the group. The MD in the banks team who ran the UMB deal is still driving people with unreasonable work and last minute changes late into the night. Heard many associates quit because of that account over the past 7-8 years. So many warning signs…no changes. Unfortunate and sad. BofA needed to get rid of those people and because they didn’t - I am frankly not going to accept FT offer.