09:32 AM EDT, 09/12/2024 (MT Newswires) -- (Updates to add Bank of America ( BAC ) and JPMorgan's ( JPM ) replies to requests for comment in the last two paragraphs.)

JPMorgan Chase ( JPM ) and Bank of America ( BAC ) plan to curb and more closely track the working hours of their young bankers in the wake of a Wall Street Journal probe that uncovered a culture of overwork within the industry, the WSJ reported Thursday.

JPMorgan ( JPM ) will now limit junior investment bankers' hours to 80 per week in most instances, the WSJ reported, citing people familiar with the matter. Meanwhile, Bank of America ( BAC ) is putting a new timekeeping tool into effect that makes junior bankers disclose how they spent their time, other people familiar with the matter reportedly told the WSJ.

"We successfully piloted this improved technology platform earlier this year to help our team more efficiently serve our investment banking clients," a Bank of America ( BAC ) spokesperson told MT Newswires.

Meanwhile, JPMorgan ( JPM ) declined an MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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