Bank of America, who has been scrutinized to treat young bankers, is changing from The work burden of work for its young executives is supervised. The bank now owns senior bankers – those who hold the title of manager or higher – its nature and the size of the accumulated tasks on the minimum employees who, in a famous industry for stressful hours, often work well at night to complete deals.
Bank of America's efforts come after a series of tragedies that included young people who shook the investment banking sector. In January, Carter Anthony McCainch, a 28 -year -old investment services colleague, died of an overdose of drugs. Mcintoch used to make up to 100 hours a week, New York Post I mentioned. Leo Lukinas, a Bouva Junior banker, died in May of the blood clot. Lukinas was working 100 hours before his death. In 2014, BOFA has developed policies to reduce young bankers, and novice executives are often pressed in lying about their work burdens, WSJ I mentioned.
To implement its supervision program, Bofa has long relied on what you call the main resource employee model. Under this model, Bofa used medium -level executives, over one year, to allocate work to novice investors, according to what he said. Wall Street Journal.
A person familiar with the situation said that Bofa chose to get rid of the model because he seeks to build the next generation. The Investment Bank will now rely on senior bankers, and they work in permanently permanent positions across sectors and regions, who will supervise the development of young bankers such as CROS.
The person said that Bank of America chooses the volunteers or appoints the role for the major bankers, who no longer make deals. They said Bofa is looking for executives with a very strong leadership quality, and they managed a difference and felt strongly the development of young bankers.
“We want all our beginners to have the best possible experience, and learn from his colleagues who work with them and benefit from the professional growth and development that this role brings,” according to Bofa.
Bofa Securities, the Department of Investment Banks at Bank of America, hires thousands of bankers. It is not clear how many young bankers. Young executives usually spend several years as a young banker, including two as an analyst and three years to three years, before they move to the vice president. At this stage, they usually work in the sector team, such as consumer, technology or industries.
Bofa has also reduced nearly 150 of young investment roles, the person. The person said that the majority of people who were reduced “were appointed to new roles” outside of investment banking services such as financial analysis or strategic planning. And they said, “They were given the opportunity to move to another place.”
This story was originally appeared on Fortune.com
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