JPMorgan boss Jamie Dimon issues stark warning after shock death of Green Beret financier Leo Lukenas who worked 100 hour weeks
The CEO of JPMorgan Chase has said the company will hold senior bankers accountable in hopes of cutting down overworking in the company.
The CEO of JPMorgan Chase has said the company will hold senior bankers accountable in hopes of cutting down overworking in the company.
Jamie Dimon made the comments as a direct response to the death of Bank of American worker Leo Lukenas, who died in May from a blood clot.
Typical Wall Street practices see senior workers offloading work to junior workers, something which Dimon said he intends to cut back on it.
He said: A lot of investment bankers, they’ve been traveling all week, they come home and they give you four assignments, and you’ve got to work all weekend.
It’s just not right. You’re violating it. You’ve got to stop, and it will be in your bonus, so that people know we actually mean it.
The company has also announced that Ryland McClendon, 14-year veteran at the firm, will be taking on a new role overseeing the welfare of junior workers.
Leo Lukenas, a former Green Beret, was only one year into his investment banking job where he was said to have racked up 100-work weeks
JPMorgan recently capped junior bankers working time at 80 hours a week with exceptions applied. CEO Jamie Dimon is seen here
Lukenas, a former Green Beret, was only one year into his investment banking job when he died.
According to a memo seen by Reuters, McClendons duty will be to support the well-being and success of associates and analysts.
Wall Street has been grappling with workload concerns among junior staff for years, with some firms adopting pay increases, workshops and banning work on Saturdays.
McClendon was most recently the head of talent and career development experience for corporate and firmwide functions at JPMorgan.
JPMorgan recently capped junior bankers working time at 80 hours a week with exceptions applied.
Meanwhile Lukenas former employer has introduced a timekeeping tool to track junior bankers who are thought to be overworking.
Anybody at the company who clocks in over 80 hours of work a week is flagged with human resources, according to Business Insider.
Originally from California, Mr Lukenas started at the bank through the Veteran Associate Program.
The father of two and former member of the Armys Special Forces moved to banking last summer in an attempt to pursue new opportunities for his family, according to his loved ones.
At JP Morgan, junior staff are already obligated to input their hours on time sheets (stock photo)
Lukenas served as a Green Beret for a decade, according to his family
The Brooklyn resident had reportedly recently worked on UMBS $2billion deal acquisition of Heartland Financial USA, Inc.
Lukenas said in mid-March that he wanted to leave Bank of America because of the grueling hours, Douglas Walters, a managing partner at GrayFox Recruitment, told Reuters in an interview.
GrayFox specializes in placing people in financial industry jobs, including investment banking and private equity.
He is said to have expressed a desire to take a 10% pay cut in return for more sleep and was considering a move to a smaller boutique investment bank at the time of his death that he hoped would offer a better work-life balance.
In response to a question posed by Reuters, Walters said Lukenas, a U.S. Army veteran who was survived by his wife and two children, did not raise any health issues in their discussions about career options.
On LinkedIn, he described himself as an Investment banking associate leveraging a decade of experience as a Green Beret leading high-performing teams in volatile, complex, and ambiguous environments.
Lukenass stepmother previously told DailyMail.com the family was devastated by the loss.
Lukenas married his wife in 2015 in a wedding in Florida
He is survived by his parents, wife, son and daughter, and twin brother Les, who is also a Green Beret.
Les wrote on LinkedIn: It is with profound sorrow that I share the passing of my identical twin brother.
Leo was a remarkable individual whose kindness, strength, and spirit touched the lives of everyone he met.
I am grateful for the 35 years we spent together, side by side, from playing junior golf to earning our Green Berets.
I hope his memory will forever be cherished, and his legacy will continue to inspire.
