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Morning Brew Daily
Wall Street Battles Banker Burnout & Is OpenAI Really Worth $150B?
Sep 13, 2024
Joining the conversation is Kelly Ortberg, the new CEO of Boeing, who is navigating labor tensions to avert a strike. They discuss the intense demands on young bankers, with reports of grueling 80 to 120-hour workweeks leading banks to rethink employee hours. The podcast also dives into OpenAI's ambitious valuation plans as they launch a new model, and the challenges plaguing the gaming industry post-pandemic with significant layoffs. Lastly, Apple reveals a game-changing AirPods feature that transforms them into affordable hearing aids.
30:01
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Quick takeaways
- Investment banks like JP Morgan and Bank of America are instituting new policies to address junior bankers' burnout amid growing scrutiny of work-life balance.
- Boeing is facing a major labor conflict as workers demand better wages to cope with rising living costs, highlighting tensions within the company.
Deep dives
Work-Life Balance in Investment Banking
The excessive workload and mental health challenges faced by junior investment bankers are coming under scrutiny, as significant investment banks like JP Morgan and Bank of America implement new policies to mitigate these issues. JP Morgan now limits junior bankers to a maximum of 80 work hours per week, while Bank of America has introduced an internal tracking system to monitor hours worked. These changes follow public outrage after a young Bank of America banker died from a blood clot, and discussions on social media revealed the unsustainable conditions junior staff endure. The recognition of the need for work-life balance is slowly emerging in an industry notorious for demanding long hours, but skepticism remains about the effectiveness of these policies when exceptions are still prevalent during high-pressure situations.
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