Bank of America is making a significant change to its investment banking tradition in an effort to prevent young bankers from burnout. The bank will now give the responsibility for managing junior bankers’ workloads exclusively to members of its highest ranks, including directors and above. This new permanent role, known as the chief resource officer (CRO), will be filled by senior bankers with strong leadership skills.
The change comes after a Bank of America associate died last year due to acute coronary artery thrombus, which was linked to excessive work hours. The incident sparked concerns about burnout among current and former employees, leading Bank of America to implement new measures to address the issue. In September, the bank introduced a time-tracking tool and promised to cap work hours.
Under the new system, senior leaders will focus solely on managing junior bankers’ workloads, shifting their incentive from meeting deal targets to developing talent and promoting career growth. This approach aims to provide young bankers with better leadership guidance, work assignments, and developmental opportunities. The new CROs will report directly to Andrew Karp, a veteran Bank of America executive who will continue in his role as head of sustainable banking solutions.
This change reflects Bank of America’s efforts to prioritize the well-being of its junior employees and address concerns about burnout in the industry. By giving senior leaders a permanent role in managing workloads, the bank hopes to create a more sustainable and supportive environment for its young bankers.
Source: https://www.businessinsider.com/bofa-leo-lukenis-staffers-cro-junior-bankers-wall-street-burnout-2025-3