JPMorgan Chase & Co. is focused on tackling persistent overwork issues on Wall Street, creating a new role to oversee junior bankers and analysts.
Ryland McClendon, a nearly 14-year JPMorgan veteran, has been named global investment banking associate and analyst lead, according to an internal memo sent earlier this month and seen by Reuters on Wednesday.
The appointment comes months after a junior banker at Bank of America died from acute coronary thrombosis, a type of blood clot.
Reuters reported at the time that the 35-year-old man wanted to quit his job because he was working more than 100 hours a week.
Wall Street has been grappling with the issue of workload for junior employees for years, with some companies offering higher salaries, workshops and even Saturday bans.
In his new role, McClendon will focus on the “well-being and success” of employees and analysts around the world, according to the memo.
She most recently served as head of talent and career development experience for corporate and enterprise-wide functions at JPMorgan, the largest bank in the U.S. by assets.
Investment banking fees are one of the most lucrative sources of revenue for Wall Street lenders.
Trading is starting to pick up and is expected to rebound strongly in the coming months as market fears ease and hopes that the Federal Reserve will cut interest rates soon.
JPMorgan's investment banking fees jumped 50% in the second quarter, helping the bank's quarterly profit beat market expectations.
As of the quarter ended June 30, the bank had 313,206 employees worldwide, down from 300,066 in the same period last year.
