JPMorgan Chase has hired approximately 90 junior bankers and support staff and will hire an additional 100 more globally in an effort to take on the bank's record volumes of activity and to help combat employee burnout, a source familiar with the matter told FOX Business.
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The bank is also adding more flexibility by extending and encouraging junior bankers to take more personal time offline, and will conduct a quarterly review to evaluate how junior bankers are spending their time.
In addition, JPMorgan will ensure policies protecting weekends are in place by holding senior management accountable in their performance reviews and year-end compensation. Every group head at the bank will also be required to call two to three junior bankers daily and ask what's working and what's not.
The move comes following the leak of an internal presentation at Goldman Sachs, revealing junior bankers' grueling 100-hour workweeks. The presentation included testimonials from employees who worked 20-hour shifts, which one worker called "inhumane," according to the New York Post. Another reportedly said stress, sleep deprivation and the treatment from Goldman’s senior bankers was "arguably worse" than his childhood under foster care.
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Goldman Sachs CEO David Solomon confirmed the presentation in a voice memo to employees last month, adding that he would "strengthen enforcement" of the company's "Saturday Rule", which prohibits employees from working between 9 p.m. Friday and 9 a.m. Sunday except in certain circumstances.
Solomon also said the company is "accelerating our efforts to hire new junior bankers across Investment Banking" and "internally transferring bankers to business lines where activity levels are highest."
In addition, Solomon said Goldman would be "more selective about business opportunities that we pursue, and we’re working to automate certain tasks in our business."
"So let me say to everyone, and in particular to our analysts and associates: We recognize that people working today face a new set of challenges. In this world of remote work, it feels like we have to be connected 24/7," Solomon added. "All of us—your colleagues, your managers, our divisional leaders—we see that. We’re here to provide support and guidance. This is not easy, and we’re working hard to make it better."
JPMorgan isn't the only bank making moves to support junior bankers.
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Credit Suisse and Wells Fargo confirmed to FOX Business that the companies are rewarding junior bankers with one-time bonus payments. Meanwhile, Jeffries Financial Group is reportedly awarding Peloton and Apple products to junior bankers.
A spokesperson for Jeffries Financial Group did not immediately return FOX Business' requests for comment.