JPMorgan Chase is on a hiring spree in an effort to tackle burnout, according to a report.
After hiring around 90 junior bankers and support staff, the bank plans to onboard 100 more junior bankers globally while the company will keep a close eye on employees’ mental health, Reuters reported, citing sources.
What new JPMorgan workers can expect
Reuters said that JPMorgan will encourage workers to take more personal time offline and will double-down on policies set to protect workers’ weekends, including providing extra flexibility for those just breaking into the business.
JPMorgan also plans to have quarterly reviews to assess how junior bankers are spending their times. Additionally, the company will hold senior management accountable in their performance reviews and end-of-year compensation.
The head of each group is required to do daily check-ins with two to three junior bankers daily to ask them what’s working and what’s not, according to Reuters.
The banking industry and mental health
The bank — like others in the financial sector — is monitoring mental health issues caused by the COVID-19 pandemic, which recently came to light when a leaked powerpoint slide at another big Wall Street firm exposed working conditions during the pandemic.
The move comes just a month after a presentation revealed the grueling hours put in by a group of junior investment bankers at Goldman Sachs caused Wall Street to pause for mental health.
The presentation highlighted several troubling accusations, including workers battling mental abuse, sleep deprivation, and physical abuse, due to working as many as 120 hours per week.
Goldman Sachs CEO David Solomon said he was happy employees came forward with the claims. The company sent a memo to employees saying it was “working hard” to make sure employees find a better balance between home and work.
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