The recent demise of Leo Lukenas III, 35, a former Green Beret and a Bank of America employee, has refocused attention on the rigorous work culture on Wall Street.
Lukenas died from a blood clot on May 2, 2024, reportedly after pulling 100-hour weeks. His demise has struck a chord with many bankers who find similarities in their own grueling schedules.
A Reuters report suggests that Lukenas was attempting to secure a job with better hours, underscoring the heavy workload he grappled with before his death. While there’s no direct proof establishing a connection between his death and work-induced stress, the incident has ignited conversations about the high-pressure environment prevalent among Wall Street employees.
“There have been incidents where analysts pass out in meetings due to lack of sleep and food, and other times where analysts are hospitalized due to panic attacks — and nobody steps in to check on them,” said a Bank of America employee.
Adding to the concerns, Adnan Deumic, another Bank of America employee, died suddenly on May 16. Deumic, a 25-year-old trader based in London, collapsed during a charity soccer tournament. His cause of death is yet to be determined, but cardiac arrest is suspected. While Deumic’s work hours were closer to 60 a week, his job was marked by substantial stress due to his high-stakes trading.
A source familiar with Adnan’s situation revealed, “Adnan’s workdays lasted 11 to 12 hours, and they were extremely demanding. He couldn’t even spare time for a coffee break.”
Wall Street’s rigorous culture has long been a topic of debate. Investment banking, where Lukenas worked, is known for its strenuous workload. New recruits can make up to $200,000 annually but often work 100-hour weeks.
The intense work culture is a systemic issue driven by the industry’s hierarchical structure. Managers often neglect to respect junior employees’ time, assigning last-minute tasks that could have been delegated earlier in the week. “VPs do not respect junior people’s time. They will give someone a piece of work at 6 p.m. on a Friday that they could have assigned on Tuesday,” a managing director elaborated.
Many employees find comfort in online communities and social media platforms like Reddit and WallStreetOasis.com, where they can share their experiences and grievances.
An anonymous banker disclosed on social media that Bank of America uses a ‘banker diary,’ where junior bankers log their weekly hours. The system, designed to prevent overworking, has been allegedly misused, with managing directors asking employees to fudge their entries to escape detection.
Bank of America refuted these claims, asserting, “Our policy is clear, and we expect employees to record their hours accurately.”
Despite efforts to introduce policies to limit work hours, like the Saturday rule at Goldman Sachs, these measures are often disregarded. The Saturday rule mandates employees to avoid work between 9 p.m. Friday and 9 a.m. Sunday. Nevertheless, insiders suggest that these guidelines are often sidestepped.
The cyclical nature of the industry worsens the problem. When profits are high, and there’s a talent shortage, banks promise better hours and perks to attract talent. However, when profits dip, firms cut costs, reduce workforce, and increase workloads for remaining employees.
Mark Moran, who now heads the investor relations firm Equity Animal, spent four years in investment banking and described the typical workday for junior employees. “You can arrive at the office as late as 10 a.m., and often, no tasks are assigned until the afternoon. However, by 5 or 6 p.m., you’re given work that keeps you there until 2 a.m. to complete.”
This relentless pace can lead to severe health issues. A survey by Overheard on Wall Street revealed that junior bankers average just five hours of sleep per night. A former investment banker shared her experience: “I was so exhausted that I had to rest my eyes in a bathroom stall every few hours just to function.”
Lack of sleep combined with a high-pressure environment can result in physical and mental health problems. Hank Medina, who runs the Instagram account Litquidity, experienced chest pain and heart palpitations while working at Jefferies Bank. “The pain was diagnosed as a result of extremely high stress and insufficient sleep,” Medina explained.
Despite these challenges, there seems to be little indication of a change in Wall Street’s culture. As a longtime Wall Street professional pointed out, “It wouldn’t take that much to be a leader and make real change. It’s such an archaic culture.”
Leo Lukenas is survived by a wife and two young children. His brother, Lew Lukenas, remembered him as “a remarkable individual whose kindness, strength, and spirit touched the lives of everyone he met.”
As discussions around Wall Street’s work culture persist, the deaths of Lukenas and Deumic serve as stark reminders of the human toll of relentless work demands.
