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JPMorgan Adds to Junior Banking Staff Amid Pandemic

JPMorgan Chase is adding to its staff to assist junior bankers working through the pandemic.

JPMorgan Chase  (JPM)  said on Wednesday it was adding almost 190 workers to assist the junior bankers at the New York financial-services giant.

The Wall Street firm is looking to “ease the burden for junior bankers inundated with work during the pandemic,” Bloomberg News reports.

JPMorgan has already hired 65 analysts and 22 associates globally and plans to hire 100 more bankers and support staff, a person familiar with the matter told Bloomberg.

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The details were discussed at an internal town hall meeting on Tuesday, led by JPMorgan’s global co-heads of investment banking, Jim Casey and Vis Raghavan, the source added.

The move follows a March report by the Telegraph of a leaked “Working Conditions Survey,” in which a group of 13 Goldman Sachs junior analysts said bankers should be able to adhere to an 80-hour work week.

Parts of the finance industry, such as investment banking, are known for 100-hour work weeks.

Many organizations, including Goldman Sachs  (GS) , as well as Credit Suisse  (CS)  and Wells Fargo  (WFC) , have since made efforts to reward junior bankers with one-time bonuses, Bloomberg said.

Jefferies Financial Group  (JEF)  has offered its junior bankers Peloton  (PTON)  and Apple AAPL products to acknowledge their efforts, the publication added.

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JPMorgan is not planning to give any bonuses or rewards, the source said.

The firm is looking toward adding to its staff as a measure of improvement, in addition to encouraging workers to leave the office by 7 p.m. on weekdays and to take at least three weeks of vacation each year.

The company will also hold quarterly reviews to determine how junior bankers are spending their time.

At last check JPMorgan shares were trading 0.2% higher at $149.63.