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JPMorgan’s Erdoes Says Bankers Need 72-Hour Weeks to Master Job

July 20, 2021, 2:30 PM

There’s a reason junior bankers just starting out on Wall Street work 12-hour days, six days a week, says Mary Erdoes, chief executive officer of JPMorgan Chase & Co.’s asset and wealth management business.

That level of intense training will help them master the job in two to three years, instead of the five years it might take if they eased up a bit, said Erdoes, whose unit manages roughly $4 trillion. In an episode of “Bloomberg Wealth with David Rubenstein,” she invoked the concept that it takes 10,000 hours of practice and devotion to compete at an elite level.

“If you think 10,000 ...

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