JPMorgan (JPM) and Bank of America (BAC) plan to limit and closely track young bankers’ hours following an investigation by the Wall Street Journal which detailed a dangerous culture of overwork on Wall Street, Alexander Saeedy of The Wall Street Journal reports. JPMorgan will cap junior investment bankers’ hours at 80 a week in most cases, people familiar with the matter told the Journal. Meanwhile, Bank of America is implementing a tool that requires junior bankers to detail how their time is spent, other sources told the Journal.
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