Overworking in the Banking Industry
Will New Rules Work?
Some stories are just too sad to think about, but have to be discussed. One is the recent death of a junior banker at a large firm who had a heart attack. The reason this is such a story is because he was young (35 years old) and fit (former Navy Seal). While not listed as an official cause of death, it is widely believed that the strenuous work life of a junior banker was a main contributor to his death.
Junior bankers are historically known for working insane hours. 100-hour or more weeks are not unheard of in the industry. It has been that way for decades and is just part of the role expectation. So many do it because it often leads to a lucrative career.
After this death, many banks put in new rules to try and prevent this tragedy from happening again. The new rules in place for junior bankers show the flaw with rules and regulations. It is also clear that these rules will not work.