?? Faustian Fallacy: The Death of a(nother) Wall Street Banker
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OPINION
A banker's death
The death of a 35-year-old Bank of America junior banker due to exhaustion has exposed the harrowing work culture of Wall Street investment banks. In response, these institutions have enforced seemingly comical policies that miss the nuance of a deeply rooted problem.?
In particular, JPMorgan has capped the workweek for junior bankers at 80 hours, which suggests a working week of 8:30 a.m. to 10 p.m., six days a week. This is double the standard 40-hour, five-day workweek accepted worldwide.
The bank also created a new position—global investment banking associate and analyst leader—to oversee junior bankers and analysts and prevent overwork, which many experts see as more of a PR move than anything.
Tailor-made services
Insiders say the real issue lies in investment banking's bespoke nature. Its client-centric orientation means junior bankers have to please their customers’ demands by hook or by crook.
Clients want their money’s worth and demand precise and quick action. This involves tailor-made requests and revisions at the 11th hour, trivial or significant. Whether M&A or IPO, a deal's progress can change at a moment’s notice. Some go on for months, while others could start moving in the blink of an eye. Junior bankers have to be flexible. They must be available to work on the weekends and amenable to cancel their holiday plans.?
A position in investment banking is one of the most coveted jobs in the world. But the banker’s recent death, systematic problems within the industry, and the banks’ seeming unwillingness to tackle the root of the problem have turned it into a lethal Faustian bargain.
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?? U.S. Faces 6 Million Worker Shortage by 2032. What's Next? ??
Brace for impact: the United States is hurtling toward a workforce crisis. According to Lightcast, the country will face a potential shortage of 6 million workers by 2032, driven by increasing retirements, a misalignment between available talent and job requirements, and the shrinking participation of men in the workforce.?
This labor crunch is further fueled by demographic shifts—an aging population and a growing gap between young, educated workers and booming industries like healthcare and skilled trades.?Experts warn that immigration and automation will not close the gap, but they could help ease the pressure.
In fact, a new study reveals that generative AI is being adopted at an unprecedented rate in the U.S., outpacing the early days of PCs and the internet, with 39% of the population aged 18-64 embracing the technology by August 2024. In workplaces, nearly 28% of employees are using AI, with 10% relying on it for daily tasks.?
Its applications, from writing to coding, are reshaping industries, with the U.S. leading the global charge in business integration. The most popular AI products in use include ChatGPT, Gemini, and embedded tools like Microsoft Copilot.
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