Continuing from my previous post on the grueling working-hours for junior analysts, I want to look into each of the banks, BofA, and JPMorgan, and see what they value.
Investment bankers get paid a lot, that's no question. So, a dilemma arises: should workers be allowed to work as long as they desire, even though it may impact their mental and physical health, for the promise of prestige and wealth? And should companies prevent willing workers from pursuing this behavior? Before tackling that question, let's look into the banks themselves. Who are they? What do they do? What are their goals as a company? What are their values? What do they want to achieve (besides profits, of course)?
Photo by BofA, CEO of BofA
First, let's look at BofA. Since its founding in 1904, it has established itself as one of the world's leading financial institutions, serving clients as small as high school students to government agencies. Specifically, it offers personal banking, business banking, wealth management, corporate banking, and foreign exchange banking services. As of today, BofA has operations in 35 countries and manages over $3 trillion in assets. Their focus is on "delivering responsible growth." This philosophy centers around four main pillars: customer base growth, managing risk, maintaining operational excellence, and fostering a positive corporate culture. BofA also emphasizes its development of relationships and connections with its clients and other entities.
Photo by JPMC, CEO of JPMorgan Chase
Moving on to JPMorgan Chase (JPMC), founded in 1799, it has become the biggest commercial bank in the world, with over $3.8 trillion in assets under management. This astonishing number is around $700 billion larger than BofA's and is only surpassed by the official Bank of China and other Chinese government banks. JPMC also serves all levels of clientele, from personal banking options to governmental services. However, its international reach is much wider than BofA's, with a presence in over 100 countries.
Both companies have very similar values and focuses, but there are slight differences. While both companies prioritize customer service and long-term relationships, JPMC focuses more on being the best financial services company in the world, rather than BofA's "responsible growth" philosophy. Another differentiator in their values is JPMC's focus on "prioritizing talent and career growth," directly emphasizing their employees and future hires. This value, "prioritizing talent and career growth," comes into question regarding this ethical scenario.
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