Bank of America Under Fire: 100-Hour Work Weeks Allegedly Linked to Employee’s Death Sparking Industry-Wide Scrutiny

A Bank of America executive loses oversight of a key division after an employee’s death linked to 100-hour work weeks, sparking industry-wide scrutiny of extreme work culture within the banking industry. Goshen workers’ compensation lawyers at Markhoff & Mittman P.C. emphasize the importance of holding employers accountable for maintaining safe working conditions and reasonable expectations to prevent such tragedies.

Bank of America Executive Loses Control of Key Division Following Intern’s Death

Bank of America has stripped a senior executive of his oversight responsibilities for a highly profitable division after the death of a junior banker who reportedly worked extreme hours.

Tragic Employee Death Prompts Organizational Shake-Up

The bank’s FinTech investment banking team will no longer be under the purview of Gary Howe. This decision comes in the aftermath of the passing of Leo Lukenas III, the 35-year-old junior banker who allegedly logged 100-hour work weeks before his untimely death.

Workplace Culture Under Scrutiny

The incident has reignited discussions about work-life balance and employee well-being in the financial sector. It follows a similar tragedy in 2013 when Moritz Erhardt, an intern at Bank of America’s London office, died after working three consecutive all-nighters.

Despite Stricter Monitoring, Bankers Continue to Log Excessive Hours Amid Lax Oversight from Management

Despite Bank of America’s implementation of a new daily hour-reporting system for junior bankers in August, concerns persist about the lack of accountability for those responsible for regulating work hours. The system, introduced in early August, requires junior bankers to report their hours daily instead of weekly. However, reports suggest that managers have instructed employees to misrepresent their working hours, even when exceeding the 80-hour weekly limit.

While the new system aimed to improve oversight, with requirements to flag work past 2 a.m. to managing directors, some employees remain skeptical about the lasting impact of these changes on the bank’s work culture. The involvement of executive-level “staffers” and managers in monitoring hours raises questions about the effectiveness of the system in preventing excessive work hours and ensuring accurate reporting.

Howe, who was responsible for monitoring his team’s hours but failed to flag the overage that potentially led to Lukenas’ death, highlights the critical need for more rigorous enforcement of work hour limits and greater accountability at the management level.

Bank’s Response and Future Outlook

Bank of America has not publicly commented on the specific reasons behind this organizational change. However, the move signals a potential shift in the bank’s approach to managing its high-pressure divisions and addressing concerns about employee welfare.

In response to these concerns, major banks, including Bank of America and JPMorgan, have recently implemented measures to curb excessive working hours for junior staff. JPMorgan has introduced an 80-hour weekly cap for most junior investment bankers, while Bank of America is rolling out a new timekeeping tool to monitor work hours more closely.

Markhoff & Mittman, P.C.
3 Hatfield Ln. #2b
Goshen, NY 10924
845-360-9931

Prioritizing Workplace Safety and Accountability

The tragic incident at Bank of America highlights the urgent need for workplace safety and reasonable expectations, especially in high-pressure environments like finance. Employers have a responsibility to create safe working conditions, and employees must feel empowered to voice concerns when faced with unreasonable demands. Ensuring a supportive work culture is essential for preventing future tragedies and promoting overall well-being.

For those affected by workplace negligence, our work injury attorneys at Markhoff & Mittman P.C. are vital advocates. Our team will assist injured workers or their family members in navigating complex claims, gathering evidence, and negotiating for fair compensation. By holding employers accountable for unsafe practices, attorneys help ensure that victims receive the support they need while working towards safer environments for all employees.

Source

Bank of America Executive Loses Key Role After Junior Banker’s Death Amid 100-Hour Work Weeks