Is The Wall Street Work Culture Toxic? Debate Erupts After 35-Year-Old Banker Dies

In less than a month, two Bank of America employees have died unexpectedly from suspected heart failure. 25-year-old Adnan Deumic was a credit trader who joined BofA in 2022. Earlier this month, Deumic collapsed after having a suspected cardiac arrest and failed to respond to medical treatment. Later, Leo Lukenas III, a 35-year-old investment banker, died of a blood clot after reportedly struggling with the organization’s gruelling hours. Further, reports indicate that Lukenas had been searching for a new job due to the stress of working over 100 hours a week.

While there appears to be no proven connection between their work and the causes of their deaths, a close source to the late investment banker shared that he used to work a minimum of 60 hours a week.

“He probably worked 11 to 12 hours a day, and those were incredibly intense. He didn’t even have time to get coffee,” states The New York Post report. Following these shocking developments, a debate has erupted on the internet, prompting many to open up about the “demanding and challenging” work culture and the harsh realities of working on Wall Street.

Wall Street Employees Share “Harsh Realities”

Lukenas’ death has ignited a fierce backlash on the internet, particularly among Wall Street employees, who claim that employees are forced to work for long hours.

“There have been incidents where analysts pass out in meetings due to lack of sleep or food, and other times where analysts are hospitalized due to panic attacks, and nobody steps in to check in on them,” an employee alleged, as quoted by the outlet. In addition, a managing director at the company spoke to The Post and shared how employees are given pending work to do at late-evening hours on Fridays.

While most junior employees “go through hell,” having no control over their schedules, they have also not given any excuse for the exhausting workload. “While not working with one’s hands like in a factory, working 100-hour work weeks as a junior financial analyst has similar features to serious labour—in being physically demanding and taxing—that are underappreciated,” a former Goldman employee said.

To note, the bank has not issued any statement regarding the hectic work hours. While the staff members have targeted Gary Howe, co-head of the Financial Institutions Group, Bank of America doesn’t intend to pursue action against him.