Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management CEO, says new bankers need to work 12-hour days, six days a week, to master their jobs. She’s on the latest episode of “Bloomberg Wealth with David Rubenstein.” The interview was recorded on June 7.
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In a recent interview, J.P. Morgan’s Asset and Wealth Management CEO Mary Callahan Erdoes made controversial comments about the working hours of junior bankers, stating that they need to work 12-hour days in order to succeed in the industry. Erdoes defended the demanding work schedule, arguing that it is necessary for junior bankers to gain the skills and experience needed to excel in their careers.
Erdoes’ comments have sparked a debate within the banking industry and among the public. Many have criticized her stance, arguing that such long working hours are unsustainable and detrimental to employees’ mental and physical well-being. The issue of long working hours and burnout has gained increased attention in recent years, particularly in high-pressure industries such as finance.
While it is true that the finance industry is known for its demanding work culture, there has been a growing recognition of the need for a better work-life balance. The mental health and well-being of employees have become a priority for many companies, and there has been a push for reform in work practices to address the issue of burnout.
Erdoes’ comments also come at a time when the COVID-19 pandemic has shifted the way we work, with many companies adopting flexible work arrangements and remote working. This has raised questions about the necessity of long hours in the office and has prompted a reevaluation of traditional work practices.
It is important for companies to prioritize the well-being of their employees and to create a work environment that is conducive to a healthy work-life balance. Long working hours may have been the norm in the finance industry, but it is clear that the conversation around work hours and employee well-being is evolving.
Ultimately, the debate over working hours in the finance industry is a complex and nuanced issue. While some may argue that long hours are necessary for success, it is important for companies to consider the impact of these practices on their employees. Finding a balance that allows junior bankers to gain valuable experience while also prioritizing their well-being is crucial for creating a sustainable and healthy work culture.
Considering 10,000 hours isn’t a scientifically sound theory, nor did the original study apply to knowledge-based professions, this is an entirely dumb take.
Listening to this women is like listening to paint dry.
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they need to sleep
She’s delusional . It’s sickening
This is the reason why i prefer shift based , non target based jobs .
Example IT admin be it database , network , storage , infrastructure etc . In other feilds it could be any worker doing jobs in shifts but no definite target , just routine daily job .
Anything that gets a target attached to it would mean 60 , 70 , 80 plus or sometimes 100 plus hour week job , with even weekend work involved . In a few years u will get bur n ed out completely .
Time to buy up Identitii shares on the ASX..
Payday is coming
Good luck to all holders.. Identitii has filed a patent infringment claim on JPM. Big News!!!
Don't know how I ended up watching this video because I'm not interested in a damn thing she's saying. I'm sitting here listening to her blathering on and just thinking about all the ways she's derived great enjoyment being sexually degraded by men over the years. It's like a movie playing in my mind.
Investment banker here and let me tell you nothing in this life is worth spending 14-15 hours a day at the detriment of your health and happiness. Yes I do know people that are extremely hard working and gain knowledge and experience from this, but a lot of them don’t know how to work smart and are also some of the most obnoxious bullies I’ve ever come across. Banks won’t ever get the culture piece right because generating fees is above and beyond all other priorities. And there’s not enough hours in the day for banks to truly get to the bottom of ensuring there is a fair and inclusive culture across the business. I have worked in D&I steering groups and this is my own experience!
This explains why they're so incompetent.
She looks evil
She hires slaves.
There is more to life than money Mary. Sorry. Good luck with that. Pathetic.
Astonishing how unlettered these American executives are. Vocabulary and oral skills of a 16 year old
I like this woman. She is being honest.
The worst of humanity…in a pant suit no less. PUKE CITY USA
Can you imagine being the guy that teaches the rich kids how to understand money for 3 weeks?
No thanks
Haha. Hahahahaha.
So did not answer the question of giving investors children jobs.
12 hours a day as a young person with ambitions is not that long of a day.
She's a liar trust me. These people are worst of the worst and don't consider their employees to be anything but a number. RUN AWAY. TRUST ME. Such an unfulfilling career!
These people are basically antisocial.
You do not become sharper by working 12 hours.
This is the way you get sick, lose your family or have a heart attack . Lifes to precious.
It will be great when people like this – and medieval working practices such as articulated here – are replaced with AI agents. Then she can build a team that works 7 days a week, 24 hours a day and has productivity 100x higher than her.
Rookie numbers
Completely dodged that question about nepotism. The answer should have been, yes we show preference to relatives of important clients where asked.
Yeah so why not work H24 so you master the job in 2 years? Why not start working at 14 so you learn faster…
Well I don't think I could keep my hands on reality if workin 12 h a day. I need to take a look at all information that are provided by media. And there's no way I'm gonna skip this part of the day (and also write my opinions). So I think, this woman is just only a bad joke.
Large law firms also have a similar work culture with associates working around 90 hours for their partners.
I would feel bad for them but lots of people work 12 hour days and actually work 12 hours. They probably are working 5 hours tops. The rest they just fiddle around while on the premises.
That’s nasty.