(Reuters) – JPMorgan Chase has created a new role that will oversee its junior bankers and analysts amid a focus to tackle the persistent problem of overworking on Wall Street.
Ryland McClendon, a near 14-year JPMorgan veteran, has been named as the global investment banking associate and analyst leader, 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 due to an acute coronary artery thrombus, a type of blood clot. Reuters at the time reported that the 35-year-old had wanted to leave his job because he was working more than 100 hours a week.
Wall Street has grappled with workload concerns among junior staff for years. Some firms have adopted measures such as increasing pay, holding workshops and forbidding work on Saturdays.
McClendon in the new role will focus on the “well-being and success” of associates and analysts globally, the memo said.
She most recently was the head of talent and career development experience for corporate and firmwide functions at JPMorgan, the largest U.S. bank by assets.
Investment banking fees is one of the most lucrative avenues of revenue for Wall Street lenders. Dealmaking is beginning to pick up and is expected to meaningfully recover in the coming months on hopes that the U.S. Federal Reserve will cut interest rates soon and as market jitters settle.
JPMorgan’s investment banking fees surged 50% in the second quarter, helping it sail past market estimates for quarterly profit.
As of the quarter ended June 30, the bank had a global workforce of 313,206, compared with 300,066, in the year-ago period.
(Reporting by Manya Saini in Bengaluru and Nupur Anand in New York; Editing by Shounak Dasgupta)
