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In wake of tragedies, BofA tasks senior execs with overseeing junior banker workload

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Bank of America, which has come under scrutiny for its treatment of junior bankers, is changing who is overseeing the workloads of its young executives. The bank is now having senior bankers—those who hold a title of director or above—monitor the nature and volume of assignments piled on lower level staff who, in an industry famous for grueling hours, often work well into the night to complete deals. 

Bank of America’s efforts come after a series of tragedies involving young people that have shaken the investment banking sector. In January, Carter Anthony McIntosh, a 28-year-old investment banking associate at Jefferies, passed away from a suspected drug overdose. McIntoch was working as much as 100 hours a week, the New York Post reported. Leo Lukenas, a BofA junior banker, died in May from a blood clot. Lukenas had worked 100-plus hour weeks before his passing. BofA in 2014 instituted policies to limit young banker hours, the junior execs were often pressured into lying about their workloads, the WSJ has reported.

To carry out its oversight program, BofA has long relied on what it calls a chief resource officer model. Under this model, BofA used mid-level executives, on one-year rotations, to allocate work to junior investment bankers, according to the Wall Street Journal. 

BofA has opted to shake up the model as it seeks to build the next generation of leaders, a person familiar with the situation said. The investment bank will now rely on senior bankers, working in permanent, full-time positions across sectors and regions, who will supervise young banker development as their CROs. 

Bank of America  is picking volunteers or assigning the role to the senior bankers, who are no longer dealmakers, the person said. BofA is seeking executives who have a very strong leadership quality, have managed teams and feel strongly about the evolution of junior bankers, they said.

“We want all of our junior bankers to have the best experience possible, learning from the teammates they work with and further benefiting from the career growth and development this role brings,” according to a BofA statement.  

BofA Securities, the investment banking division of Bank of America, employs thousands of bankers. It’s unclear how many are junior bankers. Young executives typically spend several years as a junior banker, including two as an analyst and two to three years as an associate, before they move up to vice president. At that point they usually work on a sector team, like consumer or technology or industrials.

BofA also cut roughly 150 junior investment banking roles, the person. The majority of people that were reduced were “mapped to new roles” outside of investment banking like financial analysis or strategic planning, the person said. “They were given the opportunity to move somewhere else,” they said.

This story was originally featured on Fortune.com



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Proposed Trump policy could force thousands of citizens applying for social security benefits to verify their identities in person

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Trump’s Social Security Administration proposed a major change that could force thousands of people every week to show up at a shrinking list of field offices before they can receive benefits.

In an effort to combat fraud, the SSA has suggested that citizens applying for social security or disability benefits over the phone would also need to, for the first time, verify their identities using an online program called “internet ID proofing,” according to an internal memo viewed by the Washington Post.

If they can’t verify their identity online, they will have to file paperwork at their nearest field office, according to the memo sent last week by Acting Deputy Commissioner for Operations Doris Diaz to Acting Social Security Commissioner Leland Dudek.

The memo acknowledged the potential change could force an estimated 75,000 to 85,000 people per week to seek out field offices to confirm their identities and could lead to “increased challenges for vulnerable populations,” “longer wait times and processing time,” and “increased demand for office appointments,” the memo read, according to the Post

The change would disproportionately affect older populations who may not be internet savvy, and those with disabilities. Claimants seeking a field office will also have fewer to choose from, as more than 40 of 1,200 are estimated to close, the New York Times reported, citing advocacy group Social Security Works. The list of offices slated to close is based on an unreliable list released by DOGE, according to Social Security Works. Elon Musk’s DOGE has also said it will cut 7,000 of the SSA’s 57,000 employees. 

The White House and the Social Security Administration did not immediately respond to Fortune‘s request for comment.

The SSA previously considered scrapping telephone service for claims, the Post reported, but backtracked after a report by the outlet. Regardless, the SSA said claimants looking to change their bank account information will now need to do so either online or in-person and could no longer do so over the phone.

Almost every transaction at a field office requires an appointment that already takes months to realize, according to the Post. 

The White House has repeatedly said it will not cut Social Security, Medicare, or Medicare benefits, and has said any changes are to cut back on fraud. A July 2024 report from the Social Security Administration’s inspector general estimated that between fiscal 2015 and fiscal 2022, the SSA sent out $8.6 trillion in disbursements. Fewer than 1% of the disbursements, or $71.8 billion worth were improper payments, according to the report.

Acting Social Security Commissioner Dudek said for phone calls, the agency is “exploring ways to implement AI — in a safe, governed manner in accordance with” guidance from the Office of Management and Budget “to streamline and improve call resolution,” according to a Tuesday memo obtained by NBC News.

Dudek mentioned in the memo that the agency has been frequently mentioned in the media, which has been stressing out employees.

“Over the past month, this agency has seen an unprecedented level of media coverage, some of it true and deserved, while some has not been factual and painted the agency in a very negative light,” he wrote. “I know this has been stressful for you and has caused disruption in your life. Personally, I have made some mistakes, which makes me human like you. I promise you this, I will continue to make mistakes, but I will learn from them. My decisions will always be with the best intentions for this agency, the people we serve, and you.”

This story was originally featured on Fortune.com



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4 health benefits of rosemary, including a hidden compound scientists could potentially use to fight Alzheimer’s

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As you place sprigs of rosemary on a pan to roast alongside chicken or in a garlicky loaf of bread, you may not be thinking about the potential health properties this common herb is wielding.

It turns out, rosemary is a well-studied herb with myriad benefits—from boosting hair growth to potentially helping fight cancer.

Here’s how to take advantage of this natural health powerhouse.

Stimulate hair growth

While there are countless hair-growth supplements and hacks that circulate social media, rosemary oil, extracted from rosemary plants, is a tried-and-true tool to boost hair growth, backed by science.

In one study comparing the effectiveness of rosemary oil compared to minoxidil—a common medication used to stimulate hair growth in men and women—participants saw significant hair growth from both products after six months, with no difference between the two treatments’ effectiveness.

A comprehensive review of studies on the hair loss condition alopecia demonstrated that rosemary oil is an effective treatment due to its ability to improve scalp blood flow and enhance the regeneration of the hair follicles.

Improve skin health

Rosemary also has the potential to help heal the skin, according to a 2023 review of studies. Oxidative stress to the skin, caused by things like ultraviolet (UV) light, environmental pollution and chronic psychological stress, can damage the skin and lead to further skin aging and may play a role in skin cancer, according to researchers.

But thanks to its antioxidant and anti-inflammatory properties, rosemary could help treat some skin diseases either when ingested or applied to the skin.

Anticancer properties

Rosemary’s anticancer potential is more than skin deep: Ingesting rosemary was found to help stop the activation of carcinogens, increase antioxidant enzyme activities, reduce tumor-stimulating inflammation, decrease cell growth (which can lead to the production of cancerous cells), stimulate programmed cell death, and suppress tumor growth and invasion, according to a 2020 study.

Brain health and Alzheimer’s treatment

The benefits of rosemary extend to your nervous system, according to a 2020 review of studies. Rosemary extract showed anti-spasm, pain-relieving, anti-inflammatory, anti-anxiety and memory-boosting properties.

The study concluded that components of rosemary show promise in the treatment of anxiety, depression, Alzheimer’s disease, epilepsy, Parkinson’s disease, and withdrawal syndrome, researchers found.

For Alzheimer’s in particular, a January 2025 study in mice linked a compound found in rosemary to boosts in memory, more neuron synapses, reduced inflammation, and greater removal of toxic proteins that are linked to Alzheimer’s. It was administered to mice three times a week for three months, with no observable toxic effects. 

How to use rosemary for your health

All of the studies on rosemary have limitations: The use different a dose as well as different methods of extracting and administering rosemary, making it difficult to put the findings into clinical practice. In the anticancer study, authors also raised concerns about chronic use of rosemary extract becoming toxic.

While the Food and Drug Administration designates rosemary extract as generally recognized as safe (GRaS), there is no recommended daily allowance. Talk to your doctor before taking any supplement to make sure it’s safe for you.

The most common forms of rosemary are the herb or as an essential oil. You should not ingest the essential oil as it is highly concentrated and can be toxic when ingested, according to Poison Control. If you want to apply it to your skin, they recommend diluting it with a carrier oil like jojoba or argan oil. Rosemary essential oil is generally safe when inhaled through an aroma diffuser.

To reap the benefits of rosemary, you can steep the herb in boiling water and drink it as a tea, or make it a regular part of your cooking.

Mount Sinai Hospital advises, however, that pregnant and nursing women avoid taking rosemary as a supplement, as higher doses can potentially cause miscarriage—but, it is still safe to consume as an herb in food. Additionally, people with high blood pressure, ulcers, Crohn’s disease, or ulcerative colitis should not take rosemary.

For more on supplements:

This story was originally featured on Fortune.com



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Billionaire investor Ray Dalio credits all his success to meditation: ‘It gives you a calmness’

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In Ray Dalio‘s 2021 book about “the changing world order,” the investor and hedge fund manager emphasizes staying calm and connected in a world where government, technology, climate, and more are rapidly evolving.

Amid uncertainty and chaos, Dalio has credited one daily practice to his ability to quiet the noise and succeed in the face of change: meditation. Dalio told CNBC in 2021 that he adopted the practice in 1969, years before he founded Bridgewater Associates. 

“Whatever success I’ve had in life, has been more due to my meditating than anything else,” the billionaire recently told CNBC. Other entrepreneurs, performers, and athletes tout the practice’s benefits, from Oprah Winfrey to LeBron James. Former star Michigan quarterback J.J. McCarthy, who propelled the team to win the 2023 National Championship for the first time since the late 90s, credits meditation as a “tune-up” time that primes his brain for success. 

“I can react from a higher perspective instead of reacting out of just straight impulse,” McCarthy said in an interview during the season. 

People champion meditation as a stress reducer and tool for keeping the mind in the present moment. It’s a proven antidote to the high rates of stress, anxiety, and depression. 

“The best advice that I could give anybody … would be to meditate, and that’s because it gives you a calmness and equanimity. It gives you a sense of spirituality, which means … [a] connectedness to the universe, connectedness to people,” Dalio said. 

Dalio swears by Transcendental Meditation (TM), which helps people learn to stay still yet alert by repeating a mantra with the eyes closed. The Beatles were big fans of the practice, which can help improve self esteem and decrease stress, according to The Cleveland Clinic. It’s done in two 20-minute sessions daily. There are a few nonprofits that teach this type of meditation, with fees up to $980, depending on household income.

Other types of meditation, such as guided meditations involving an instructor, and mindfulness meditations which involve breathing, body scanning, and nonjudgmental observations, help regulate breathing and reduce symptoms associated with mental health conditions. These meditations can be found at little to no cost.

Focusing on your breath is the most accessible place to start. So, when everything feels like it’s moving too fast and you feel like you’re losing control, meditation can intentionally slow the brain and body down for longer-term success.

“You’re peaceful. You’re quiet,” Dalio told CNBC. “You’re not awake, but you’re not asleep.”

This story was originally featured on Fortune.com



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