The recent death of a 35-year-old Bank of America investment banker has sparked conversations about the toxic work culture on Wall Street. The banker, Leo Lukenas III, was seeking a new job due to the stress of working more than 100 hours a week. He contacted a recruiter before passing away from an acute coronary artery thrombus. Lukenas, a former Green Beret in the US Army, did not mention any health issues in his discussions about moving to a new job, but he did express concerns about working such long hours.
Lukenas’ death raised concerns on social media, with Wall Street workers discussing the pervasive toxic culture that forces employees to work excessively long hours. Lukenas’ boss, Gary Howe, received backlash and deactivated his LinkedIn page in response to angry messages from bank employees. There were discussions about a possible walkout to demand better working conditions, but employees have hesitated out of fear of retribution for speaking out. Bank of America has stated that they do not intend to take disciplinary action against Howe and are not planning to investigate complaints about junior bankers working long hours.
Prior to his death, Lukenas had been working on a $2 billion merger and had posted about the deal on LinkedIn days before passing away. He was a member of 51 Vets, a nonprofit for veterans, which is organizing donations for his family. A fundraiser for his family has raised nearly $260,000, with support from hedge fund titan Bill Ackman. The loss of Lukenas, a father, husband, son, and Green Beret, has deeply impacted the veteran community and highlighted the sacrifices made by those in elite military communities transitioning to civilian careers.
The issue of overwork among junior staff in the finance industry, specifically on Wall Street, has been a long-standing problem. Some firms have implemented measures to address this issue, such as increasing pay, holding workshops, and restricting work on weekends. Bank of America, like some other banks, does not typically allow junior bankers to work on Saturdays unless exceptions are sought. The bank reviewed its working culture in 2013 following the death of an intern in London who passed away after working through nights, with the coroner attributing the cause to natural causes.
The death of Leo Lukenas III has brought attention to the demanding and stressful work culture in the finance industry, particularly on Wall Street. The tragedy has sparked discussions about the need for better working conditions and support for employees, especially junior staff who often bear the brunt of long hours and high pressure. Lukenas’ passing has shown the impact of overwork on individuals and their families, highlighting the importance of addressing the systemic issues that contribute to such a toxic work environment. It remains to be seen whether Lukenas’ death will lead to meaningful changes in how financial institutions approach work-life balance and employee well-being.
