JPMorgan Chase has created an executive role to oversee its junior bankers and analysts in a push to keep an eye on extended working hours and high expectations placed on early-career staff at the bank.
JPMorgan has appointed Ryland McClendon as its global investment banking associate and analyst leader, according to a memo sent this month and seen Wednesday by CNBC, Reuters and The Guardian.
In a 14-year career at the bank, McClendon has served in numerous roles in talent and career development; diversity, equity and inclusion; and campus recruiting, according to her LinkedIn profile.
McClendon “will help to support [associates’ and analysts’] well-being and success, as well as equip and enable them to deliver for our business, clients and each other,” JPMorgan said in its internal memo.
Though McClendon is based in New York City, she will travel to the firm’s global hubs. Her initial responsibilities include implementing a recently introduced policy to limit junior employees’ workweeks to 80 hours, specifically targeting the investment banking division. The policy, reported by The Wall Street Journal, has been communicated internally to relevant teams but has not yet been officially announced, The Guardian noted.
McClendon’s appointment comes months after 35-year-old Leo Lukenas, a Bank of America investment banking associate, died days after helping to close a $2 billion deal, reportedly after having worked 100-hour weeks. Lukenas’ death was attributed to acute coronary artery thrombus, which causes blood clots inside the heart.
Roughly two weeks later, a second BofA staffer, 25-year-old Adnan Deumic, a London-based credit portfolio and algorithmic trader, died after collapsing while playing soccer at an industry event.
The two deaths sparked renewed debate on the long working hours in investment banking. Thirteen junior bankers at Goldman Sachs in 2021 presented to their supervisors a survey — which later went viral — detailing “inhumane” working conditions and spiraling self-care.
Goldman responded by pledging to reinforce its “Saturday rule,” meant to give employees at least one day off a week. But the bigger takeaway from the watershed discussion was higher pay — as rival banks, and later Goldman itself — raised the starting salaries for junior bankers. But the hours largely remained.
Bank of America, for its part, implemented a tracking tool that requires junior bankers to detail how they spent their time. The technology allows for daily rather than weekly tracking of hours and has been around for some time, a spokesperson for the bank told Banking Dive via email.
“We successfully piloted this improved technology platform earlier this year to help our team more efficiently serve our investment banking clients,” the spokesperson said.
JPMorgan declined to comment to Banking Dive after repeated inquiries but acknowledged the accuracy of reporting surrounding this month’s memo.