cover of episode Wall Street Battles Banker Burnout & Is OpenAI Really Worth $150B?

Wall Street Battles Banker Burnout & Is OpenAI Really Worth $150B?

2024/9/13
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Morning Brew Daily

Chapters

J.P. Morgan and Bank of America implement new policies to address the intense workload of junior bankers, including capping hours and enhancing timekeeping. These changes follow concerns about overwork and its impact on mental and physical health, but their effectiveness remains uncertain due to exceptions and existing work culture.
  • Junior bankers at J.P. Morgan now have a cap of 80 hours per week in most cases.
  • Bank of America introduced a timekeeping tool to track junior bankers' hours.
  • The death of a Bank of America investment banker highlighted the issue of overwork.
  • There are concerns about exceptions to the 80-hour cap and pressure on junior bankers to under-report hours.

Shownotes Transcript

Episode 409: Neal and Toby discuss Bank of America's and JPMorgan’s latest efforts to curb young bankers’ hours after increased scrutiny of Wall Street’s history of burnout. Then, Boeing’s new CEO Kelly Ortberg is begging its union to accept a deal to avoid a potentially catastrophic strike for the embattled company. Plus, OpenAI is looking to raise another $6.5B to bring its valuation to a whopping $150B as it launches a new model that is better at “reasoning.” Next, the once sought after gaming industry has faced a tough string of layoffs that is making it lose its luster. Meanwhile, Apple wants to tap into the health industry, starting with its AirPods that now be used as a hearing aid. Lastly, ever wonder what the National Security Agency is up to? Now the confidential agency is airing out all its dirty laundry with the launch of its own podcast. Juicy. Subscribe to Morning Brew Daily for more of the news you need to start your day, share the show with a friend, and leave us a review on your favorite podcast app.

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00:00 - Friday the 13th

02:30 - Bankers Hours Capped

07:15 - Boeing Strike

10:30 - OpenAI $150B Valuation 

16:20 - Gaming Industry Layoffs 

20:05 - AirPods as Hearing Aids 

23:15 - The NSA Launches a Podcast

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