Bank of America is taking further steps to address criticism over employee safety following the death of an employee who worked 100-hour workweeks at the company last year. The banking giant has introduced a new policy requiring senior bankers to monitor junior bankers’ hours and ensure they don’t exceed the company’s limits.
The move comes after Bank of America cut 150 junior banker roles in its investment bank unit, sparking concerns over the impact on employees. However, some laid-off junior bankers were offered roles outside of investment banking, but declined.
This latest development raises questions about the finance industry’s struggle to find talent due to a recent talent crunch. A survey found that 87% of hiring managers for finance and accounting teams are struggling to fill open positions, with specific challenges in financial planning and analysis, accounts payable, and bookkeeping roles.
Bank of America is also exploring ways to lighten the heavy workloads of junior bankers, including using artificial intelligence to assist with tasks such as preparing financial forecasts. The company aims to provide its employees with a better experience, learning from colleagues and growing their careers.
As the finance industry continues to grapple with overwork and talent shortages, it remains to be seen whether Bank of America’s efforts will have a lasting impact on improving employee safety and well-being.
Source: https://www.thestreet.com/employment/bank-of-america-cracks-down-on-a-disturbing-workplace-trend