BofA encourage junior employees of corporate and investment bank to take weekends off

By Nicel Jane Avellana

Jan 11, 2014 06:56 AM EST

As part of its guidelines promoting work-life balance, the Bank of America is asking junior employees of its corporate and investment bank to refrain from working on weekends, the Financial Times reported. Citing a memo sent by Head of Global Corporate and Investment Banking Christian Meissner, the report said BofA is encouraging analysts and associates to take at least four weekend days off monthly. FT said the lender confirmed the memo. Analyst and associates comprise the first and second steps of the corporate ladder, the report said.

The bank is taking steps to improve the conditions of its junior employees after intern Moritz Erhardt was found dead in his London apartment last year. Erhardt was as 21-year old German undergraduate student who was then on a two-month internship at BofA.

A coroner ruled that an epileptic attack was the cause of the intern's death but that the seizure could have been set off by too much work. The report quoted coroner Mary Hassell as saying in November, "It may be that because Moritz had been working so hard, his fatigue was the trigger for the seizure that killed him. But that is only a possibility."

FT said BofA has also made the "staffer" a full time role from being merely an ad hoc role. The staffer would concentrate on keeping track of the volume of work of employees and assigning work to junior bankers.

Meissner said in the memo, "We are committed to making the work experience better for junior bankers and believe these enhancements will help ensure they have the resources and support needed to succeed."

In October, similar steps were also taken by Goldman Sachs to enhance the working environment of its junior investment bankers. The bank formed the "junior banker task force," proposed to get more entry-level employees and discourage weekend work for young bankers, the report said.

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics