Banks need to root out the “waterfall of inefficiencies” to improve work-life balance for juniors, but the long hours culture is unlikely to disappear entirely, according to one of JPMorgan’s top investment bankers.

With a laser focus on improving the brutal hours of junior bankers currently, firms face pressure to overhaul old ways of working, Vis Raghavan, chief executive of Europe, the Middle East and Africa at JPMorgan told Financial News in a wide-ranging interview, but the job will still “come with an element of sacrifice”, he said.