In February 2021, thirteen first-year analysts at Goldman Sachs gave management a survey of their working lives. They reported more than 95 hours a week and five hours of sleep a night. One wrote, “This is inhumane.” Chief executive David Solomon told staff, “We’re strengthening enforcement of the Saturday rule.” Under the rule, junior bankers should not be expected in the office from 9 p.m. Friday to 9 a.m. Sunday.
In May 2024 Leo Lukenas III, a 35-year-old associate at Bank of America, died after reportedly working several weeks of more than 100 hours. JPMorgan then told junior bankers that they should typically work no more than 80 hours a week, with exceptions for live deals.
Both rules were set by the banks themselves, after complaints or a death became public.