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Following the death of a Bank of America (BofA) associate, Leo Lukenas III, a strong focus has been brought upon the grueling working hours of investment bankers. Lukenas died due to an "acute coronary artery thrombus," according to the New York Office of Chief Medical Examiner. Though not a direct link to his work, Douglas Walters, a managing partner at GrayFox Recruitment, said he had been contacted by Lukenas inquiring about a new position with a less intense workload, mentioning that he often worked a 110-hour work week.
Investment banking is known for its intense workload, especially for new recruits and interns. In the investment banking culture, 80-hour work weeks are the usual, and exceeding that number is not out of the ordinary. According to CNN, first-year bankers reported working 95 workweeks. But for what? Why would anyone put in that many hours into their work? Unsurprisingly, it's for the money, a lot of money.
Table by Mergers and Acquisitions
According to Glassdoor, entry-level junior analysts can expect to be paid up to $110,000 in their first year. This number doesn't even include bonuses or stock options, compensation options which are also fairly substantial in the field. As these interns work up the corporate ladder, they can expect salaries upwards of $800k, allowing them to retire at a younger age.
With these salaries in mind, to many economics and business students, an 80-hour work week makes sense. It's not like this number is hidden. In fact, it's the reason many even get into studying these fields. Gary Stevenson, the author of 'The Trading Game', a book about his wild experience as a trader at Citibank, says it's the reason he went into economics in the first place.
https://www.wsj.com/finance/banking/bank-america-jpmorgan-overtime-work-hours-f9f204a7?mod=series_bankmeltdown https://www.forbes.com/sites/jackkelly/2024/09/12/jpmorgan-and-bank-of-america-restrict-junior-staffs-hours-amid-concerns-of-grueling-work-culture/ https://about.bankofamerica.com/en/our-company#:~:text=Bank%20of%20America%20is%20one,risk%20management%20products%20and%20services.
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