How toxic is the Wall Street work culture? The debate after the death of 35-year-old banker

The recent death of Leo Lukenas III, a 35-year-old Bank of America associate, has once again brought to light the contentious issue of the rigorous work conditions prevailing on Wall Street.

Reports detailing 100-plus-hour work weeks and high-pressure environments have reignited discussions regarding the toxicity of the work culture, particularly concerning junior investment bankers.

The death of an investment banker

Leo Lukenas III, a former Green Beret and employee at Bank of America, tragically passed away last week, triggering a wave of controversy surrounding the demanding work conditions endured by bankers. The New York Office of the Chief Medical Examiner cited the cause of his death as “acute coronary artery thrombus,” raising questions about the potential link between his workload and his untimely demise.

Lukenas had reportedly been dedicating extensive hours, up to 100 hours per week, for several consecutive weeks leading up to his passing, notably working on a $2 billion merger project.

What was the reaction?

In the aftermath of Lukenas’ death, discontent has spread like wildfire across Wall Street, with some employees attributing his tragic passing to the toxic work culture prevailing within the industry.

Social media platforms, including Reddit, have become hubs for bankers to voice their grievances openly. Reports indicate that much of the outcry has been directed towards Lukenas’ superior, Gary Howe, co-head of the financial institutions group, prompting him to remove his LinkedIn page amid the scrutiny, reported NY Post.

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Amidst the uproar, concerned employees have been contemplating the possibility of staging a walkout to demand tangible improvements in working conditions. These demands include implementing proactive policies that cap work schedules at an average of 80 hours over a seven-day period, as well as ensuring that employees are granted at least one weekend off per month.

Additionally, there have been calls for a thorough investigation into the circumstances surrounding Lukenas’ death. However, despite the groundswell of support for such measures, many employees remain hesitant to take action, citing fears of potential retribution for speaking out against the toxic work culture.

Bank of America has refrained from directly addressing the allegations of retribution or the potential for a walkout.

Image used for representational purposes/Reuters

“We are very saddened by the loss of our teammate. We continue to focus on doing whatever we can to support the family and our team especially those who worked closely with him,” said a BoA spokesperson.

Meanwhile, the broader community has rallied around Lukenas’ family in their time of need. A fundraiser organised by 51 Vets, a nonprofit dedicated to supporting veterans, has garnered significant support, with contributions pouring in from various sources, including a generous donation from hedge fund titan Bill Ackman.

Have there been other similar cases?

The case has reignited long-standing debates regarding the responsibility of banks towards their employees.

Lukenas’ death evokes memories of past incidents, such as the case of Moritz Erhardt, an intern at Bank of America who succumbed after working exhaustive hours. Despite previous efforts to address the issue of excessive work hours within the industry, concerns persist, with recent layoffs exacerbating anxieties among junior bankers about their well-being.

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With inputs from agencies