Bank of America tightens oversight of junior bankers work hours after death of Leo Lukenas

Bank of America is tightening its scrutiny of junior bankers’ workloads following last year’s highly-publicized death of a staffer who allegedly logged 100 hours per week, according to a report.The Charlotte-based lender has now given senior bankers the responsibility to make sure that their junior colleagues are not weighed down by excessive time demands, according to the Wall Street Journal.The change comes after 35-year-old Leo Lukenas III died last May, leading to renewed concerns about Wall Street’s grueling culture.Historically, the responsibility of assigning workloads to junior bankers fell on mid-level employees serving one-year rotations.However, insiders at the bank told the Journal that these midlevel staffers often lacked the proper tools or incentives to effectively enforce workload restrictions.To mitigate these issues, Bank of America has now reassigned this responsibility to senior bankers.“We want all of our junior bankers to have the best experience possible, learning from the teammates they work with and further benefiting from the career growth and development this role brings,” a company spokesperson told the Journal.The Post has sought comment from Bank of America.Separately, The Post reported over the weekend that Bank of America’s chief executive, Brian Moynihan, is being viewed inside the company as “holding the bank back” due in large part to his strained relationship with President Trump.The shift in oversight comes on the heels of the bank’s decision to eliminate approximately 150 junior investment banking positions last week, primarily targeting employees deemed lower-performing, sources familiar with the situation told the Journal.The layoffs stoked concerns over possible increased workloads for those remaining on affected teams, the Journal reported.A Wall Street Journal investigation last year revealed that young bankers at major firms often faced extreme hours — with some working up to 120 hours per week and bein...