Bank of America alters investment banking staffer role

Bank of America is changing how it manages junior bankers to help reduce burnout. The bank is reshaping the role of the investment banking "staffer," which traditionally has been held by midlevel employees who assign tasks to entry-level bankers. In a bid to improve this system, Bank of America will now make the staffer role permanent and assign it to higher-ranking officials like directors. This change aims to give these senior bankers more responsibility and power to protect younger employees from excessive workloads. The move comes after the tragic death of a Bank of America associate last year, which raised awareness about long working hours in investment banking. The new position will be called Chief Resource Officer (CRO). Instead of rotating the role among junior employees, BofA wants senior leaders to focus solely on managing junior banker workloads. The bank hopes that by having experienced leaders in charge, they can better understand the needs and strengths of their teams. This way, they can help junior bankers develop their skills and advance in their careers. The new CROs will work under Andrew Karp, who leads sustainable banking solutions at Bank of America. The bank is also introducing new tools to track work hours to further support its junior staff and improve work-life balance in the industry. Other banks, like JPMorgan, are also taking steps, including capping work hours for junior bankers.