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A 110-hour work week? What’s behind another overwork scandal
- Junior bankers at the Baird investment bank were reported to be working over 110 hours per week, leading to hospitalizations and comparisons to 'karoshi,' or death from overwork.
- This overwork crisis is cyclical and has occurred multiple times over the past three decades in investment banking, with young employees feeling pressured not to complain.
- Previous rules implemented to cap work weeks at 80 hours on Wall Street have been routinely broken, leading to tragic outcomes.
- The recurring overwork scandals point to an industry-wide issue rather than just a problem limited to Wall Street.
- Organizational priorities in these firms often prioritize profits over employee well-being, leading to a culture of overwork and pressure to meet challenges at any cost.
- Human resources departments in these organizations often lack the power to enforce regulations that would protect employees from overwork.
- There is a lack of effective management in many of these banking jobs, leading junior employees to feel the need to be constantly available even when there is no work to be done.
- Despite overwork issues, banking jobs are no longer as desirable for new business school graduates due to improved management practices in consulting firms.
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