JPMorgan Creates New Role to Oversee Junior Bankers Amid Workload Concerns

JPMorgan Chase has introduced a global position to oversee junior bankers, aiming to better manage their workload after the recent death of a Bank of America associate prompted Wall Street to reassess how it treats its youngest employees.

The firm has appointed Ryland McClendon, a 14-year JPMorgan veteran and former head of talent and career development, as the global investment banking associate and analyst leader, according to a memo obtained by CNBC. McClendon’s new role will focus on the “well-being and success” of junior bankers, which includes associates and analysts—entry-level positions that recent college graduates flock to for their high salaries and growth opportunities in investment banking and trading.

This move comes after the untimely death of Bank of America associate Leo Lukenas III in May, who reportedly worked 100-hour weeks while handling a bank merger. Following the tragedy, JPMorgan CEO Jamie Dimon said the company was examining its practices to prevent similar situations.

As of August, JPMorgan’s senior managers directed their teams to limit junior bankers’ hours to 80 per week, except in cases involving live deals. This policy marks a renewed focus on workload management at the bank.

At a financial conference in September, Dimon criticized some of the ingrained practices of Wall Street, suggesting that the long hours junior bankers endure are often due to inefficiencies or outdated traditions rather than necessity. He warned senior bankers that if their junior staff consistently violated the new policy, they would be held accountable. “It’s just not right,” Dimon stated, adding that adherence to the policy would impact bonuses.

JPMorgan’s decision underscores the ongoing pressure on Wall Street to address the challenging work conditions of its junior staff, particularly in the aftermath of high-profile incidents like Lukenas’ death.