Entry Level Analysts Could Be Owed Significant OT at Big Banks

One of the biggest financial institutions in the industry has recently come under fire after an internal survey noted how many hours junior analysts were really working this past year. These internal statistics that were gathered by junior investment bankers surveyed these analysts and the toll of their mental and physical health after working painfully long work weeks for months on end. According to the survey that was leaked to social media, these alleged 100-hour work weeks caused significant burnouts to those dealing with the recent boom in deals. On top of this serious physical and mental toll, these entry level analyst positions could be owed significant wages when it comes to unpaid overtime under the Fair Labor Standards Act (“FLSA”).

Those in salaried entry level analyst positions are often actually entitled to receive hourly and overtime pay when working over 40 hours per week under the FLSA. This is a significant problem in a lot of big name banks that not only normalize long hours but require them of their junior analysts. Even if you are salaried in these positions, it does not mean you are exempt from overtime pay. Under federal law, your employer must pay you time and a half what your normal hourly rate would be for every hour worked over 40 hours in one work week. If you’re employed in one of these positions and your average work week is based off of 100 hours, you may be owed significant overtime wages.

It’s not always clear if you’re being paid correctly. It is easy to assume that getting paid a certain way must be legal if an established company has been doing it the same way for years.However, this is often not the case. Many big names in the finance industry have either had to reclassify employees or offer significant back pay in order to pay its employees in accordance with the law. If you currently have any questions regarding your pay structure, speaking to an employment lawyer can help clear up these concerns. Our firm, Fitapelli & Schaffer, LLP offers a free and confidential phone consultation at (212)300-0375. You can also visit our website for additional helpful information regarding your employment rights.