How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads

https://www.wsj.com/finance/banking/bank-of-america-worker-death-policies-89eff5f6

by nradov • 2 years ago

41 28 2 years ago

wsj.com

somastoma3• 2 years ago

And we are surprised by this?

ok123456• 2 years ago

Can't read. WSJ thinks I'm a bot.

hooverd2• 2 years ago

I believe you, but can I get your opinion on flipped over turtles in the desert first? s/

I don't think it's Firefox, I get the paywall but I'm not blocked.

hooverd2• 2 years ago

The title is missing meant; in full it's "How Bank of America Ignores Its Own Rules Meant to Prevent Dangerous Workloads." I think that changes the meaning at a first glance, like this was about dangerous workloads in the computer-y sense.

I thought this was common in lots of corporate environments. You don't have to work overtime, wink wink, but it would be implicitly bad for your career if you didn't.

tiltowait• 2 years ago

Wow, that changes the meaning completely.

somastoma3• 2 years ago

Yeah, that makes MUCH more sense

xeromal• 2 years ago

Can't read

gaws• 2 years ago

Use a tool to bypass the paywall.

OutOfHere2• 2 years ago

When I was younger, I used to think that it was honorable to work long hours, including overnight, for an employer. As I grew older, I realized it was so unfair, especially considering that the bosses would never put in even a regular full day of effort, and would undermine my work with bad managerial decisions. Just because they put in extra effort at some point twenty years ago doesn't entitle them to do that to me now.

Regarding being an investment banker, if you're intelligent, it's imho better to earn your capital and then do your own investment banking for yourself, not for someone else.

zer0tonin• 2 years ago

Regarding being an investment banker, if you're intelligent, it's imho better to earn your capital and then do your own investment banking for yourself, not for someone else.

Investment banking isn't "owning a bunch of stocks"

ForOldHack2• 2 years ago

Investment banking is SELLING a bunch of stock, to collect commissions, and when you make a bad decision, covering it up. See 'Boiler Room.'

OutOfHere2• 2 years ago

Whatever it is, the end result for the worker is the same if not better via stocks and derivatives. There is no relative benefit for an intelligent individual to being an investment banker.

NovemberWhiskey3• 2 years ago

For those who are clueless on this: the primary work of "investment bankers" is providing advice to corporate clients on raising capital (through market offerings like bonds and stocks), mergers and acquisitions, and also by underwriting transactions where they act as a middleman between the client and the market - classic case is the IPO.

This is distinct from market making, which is buying and selling securities in the market, albeit that investment banks often have strong market making operations as well.

It's also distinct from asset management, which is the business of taking money from people and investing it for them through e.g. funds.

This article is about the first kind of investment banking, which is legendary for ludicrous overloads for analysts (hires direct from school) during their first few years. Those that survive often go to B school, get their MBAs and come back as associates; but this is also a pipeline that leads into other finance careers like private equity.

tivert• 2 years ago

When I was younger, I used to think that it was honorable to work long hours, including overnight, for an employer.

That is a foolish idea planted in the minds of the young and naive to prime them for exploitation.

NovemberWhiskey3• 2 years ago

IB analysts are not dumb - they put up with this because the worst of it only lasts for a few years, and on the other side are huge riches.

akira2501• 2 years ago

The title should be:

"How Bank of America breaks laws."

An editorialized title might be:

"How Bank of America breaks laws for no reason and for tiny amounts of actual profit."

ForOldHack2• 2 years ago

It could not have happened to a nicer bunch of evil ________.

https://www.reuters.com/business/finance/bank-america-profit...

gumby• 2 years ago

WSJ of course.

The title is even ambiguous: the same title would work for a story about how BofA breaks its internal rules to prevent dangerous workloads

adolph• 2 years ago

"Workload" needs disambiguation. This is about humans working long hours in banking, not bypassing security scans on containers. I can't remember the last time I heard the word "workload" to describe a human.

potatoball• 2 years ago

Seems like archive.today can't get full WSJ articles anymore

https://archive.is/slapz

RecycledEle• 2 years ago

I did not see a mention of how Bank of America murdered people who were behind on their credit cards to make examples of them.

BofA needs to be shut down.

How Bank of America Ignores Its Own Rules to Prevent Dangerous Workloads

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