Bank of America’s grueling culture exposed

NEW YORK, UNITED STATES — Bank of America has come under fire for its treatment of investment banking employees, revealing a culture of dangerously long work hours that contradict the bank’s own policies designed to prevent overwork.
Grueling hours and deceptive practices
The death of Leo Lukenas III, a former Green Beret and Bank of America associate, has ignited a fresh wave of scrutiny over these practices.
Lukenas, who worked over 100 hours a week, died from a blood clot likely exacerbated by extreme fatigue.
Yuliya Lavysh, a former employee in the Chicago office, recounted working until 5 a.m. and being instructed to lie about her hours.
“You don’t want to say ‘I cannot take more work right now’ because it makes you look weak,” she told the Wall Street Journal.
Roy Wang, who worked in the Tokyo office, described catching “a few hours of sleep in a bathroom stall or a conference room” during all-nighters.
Despite meticulously logging overtime, Wang was told by his manager to report only as many hours as allowed by bank policies.
Health consequences and tragic outcomes
The relentless work culture has led to severe health issues among employees.
One analyst on the Latin American finance team in New York collapsed at the office, requiring an ambulance. A vice president continued working from his hospital bed while being treated for exhaustion.
In May 2023, a Bank of America associate died after working over 100 hours a week for about a month. The incident echoes a similar tragedy in 2013 when an intern in London died after working several consecutive all-nighters.
Attempts at reform and ongoing challenges
Following the 2013 incident, Bank of America implemented policies to limit young bankers’ hours, including a system to flag excessive work weeks and mandate protected weekends.
However, many employees report these policies are frequently ignored or circumvented by senior managers.
A Bank of America spokeswoman stated, “Our practices are clear and we expect all employees including managers to follow them. When we’ve learned of violations, disciplinary actions have been taken.”
The industry-wide implications of these revelations may force a reevaluation of work-life balance in investment banking, challenging long-held notions of what constitutes acceptable working conditions on Wall Street.