"We successfully piloted this improved technology platform earlier this year to help our team more efficiently serve our investment banking clients," a BofA spokesperson told the outlet.
According to the outlet, many junior investment bankers at BofA were routinely told by their superiors to lie about how many hours they worked in order to skirt restrictions on working hours.
Following the investigation, BofA began encouraging its young employees to accurately report hours and blow the whistle on managers telling them to do otherwise.
The working hours restriction is the first for the bank. JP Morgan has already implemented a "pencils down" period from 6 p.m. Friday to noon Saturday.
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