8 Min.
Episode 1823 - May 12 - Tiếng Anh - Phố Wall bị chấn động bởi cái chết không đúng lúc của một chủ ngân hàng Mỹ Vina Technology at AI time - Công nghệ Việt Nam thời AI
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Why Wall Street is transfixed by a BofA banker's untimely death
Reed Alexander and Emmalyse Brownstein. Business Insider. May 7, 2024.
• An investment banker at Bank of America died Thursday, sending shockwaves across Wall Street.
• The Army veteran died after closing a deal, sparking questions about the bank's working conditions.
• Current and former BofA junior bankers told BI that 100-hour-plus weeks weren't unusual.
The untimely death of a 35-year-old Bank of America associate has sparked a conversation across Wall Street over working conditions.
You won't be charged until May 05, 2025. Cancel anytime.
Leo Lukenas III, an Army veteran turned investment banker, died Thursday, leaving behind a wife and two children. Lukenas, who was a Green Beret in the Army Special Forces, died of "acute coronary artery thrombus," which causes blood to clot in the heart, Reuters confirmed with the New York City Office of Chief Medical Examiner. He left military service and joined BofA last year to "pursue new opportunities for his family," an online fundraiser says.
While the coroner's report did not establish a connection between his death and work, chatter has nonetheless ignited among members of the investment-banking community about the industry's onerous demands for junior bankers working on live deals — including at Bank of America.
Inside BofA, the death has prompted a swift, concerned reaction and a raft of questions, particularly among the junior ranks, according to current and former investment bankers who spoke with Business Insider.
"I think what we all would want is some acknowledgment about what happened, and at least not completely dismiss the fact that it could have been work-related," said a junior banker at BofA who was granted anonymity since they were not authorized to speak with reporters about Lukenas' death but whose identity is known to BI. "And to at least just start having those conversations as to how they can make junior bankers work life much better because it's been long overdue. And I believe that, if anything, it's gotten worse."
At BofA, 100-hour-plus weeks logged by junior bankers aren't unusual, said current and former employees who questioned whether the firm's system for flagging excessive work was effective.
"It's hard as a junior to push back," an investment-banking analyst who departed the firm last year said. "You don't have the ability as an associate or analyst to tell your MD, 'Hey, I'm tired. Can we pick this up tomorrow?'"
A representative for BofA declined to comment on those workers' specific claims. In an emailed statement on Tuesday, the spokesperson said: "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."
Lukenas recently worked on a $2 billion deal
Investment banking is a notoriously grueling profession, and young bankers have repeatedly complained about burnout and pressure over the years. In 2021, a group of investment-banking analysts at Goldman Sachs kicked off a flurry of pay raises after a report they had prepared for their bosses about working long hours leaked online. In 2013, an intern at Bank of America in London died after working for three days in a row until 6 a.m., a blog post from that time said.
Lukenas — who joined the bank last summer and was a member of its financial-institutions group, which handles transactions for financial companies — had been part of a team working on UMB's $2 billion all-stock acquisition of Heartland Financial USA, announced in late April. A spokesperson for UMB did not respond to a request for comment on Tuesday about Lukenas' death.
Within BofA, Lukenas' team had developed a reputation for being particularly demanding, the current banker said. This person also said that recent departures of junior bankers, including from the financial-institutions and the industrials groups, left those
Why Wall Street is transfixed by a BofA banker's untimely death
Reed Alexander and Emmalyse Brownstein. Business Insider. May 7, 2024.
• An investment banker at Bank of America died Thursday, sending shockwaves across Wall Street.
• The Army veteran died after closing a deal, sparking questions about the bank's working conditions.
• Current and former BofA junior bankers told BI that 100-hour-plus weeks weren't unusual.
The untimely death of a 35-year-old Bank of America associate has sparked a conversation across Wall Street over working conditions.
You won't be charged until May 05, 2025. Cancel anytime.
Leo Lukenas III, an Army veteran turned investment banker, died Thursday, leaving behind a wife and two children. Lukenas, who was a Green Beret in the Army Special Forces, died of "acute coronary artery thrombus," which causes blood to clot in the heart, Reuters confirmed with the New York City Office of Chief Medical Examiner. He left military service and joined BofA last year to "pursue new opportunities for his family," an online fundraiser says.
While the coroner's report did not establish a connection between his death and work, chatter has nonetheless ignited among members of the investment-banking community about the industry's onerous demands for junior bankers working on live deals — including at Bank of America.
Inside BofA, the death has prompted a swift, concerned reaction and a raft of questions, particularly among the junior ranks, according to current and former investment bankers who spoke with Business Insider.
"I think what we all would want is some acknowledgment about what happened, and at least not completely dismiss the fact that it could have been work-related," said a junior banker at BofA who was granted anonymity since they were not authorized to speak with reporters about Lukenas' death but whose identity is known to BI. "And to at least just start having those conversations as to how they can make junior bankers work life much better because it's been long overdue. And I believe that, if anything, it's gotten worse."
At BofA, 100-hour-plus weeks logged by junior bankers aren't unusual, said current and former employees who questioned whether the firm's system for flagging excessive work was effective.
"It's hard as a junior to push back," an investment-banking analyst who departed the firm last year said. "You don't have the ability as an associate or analyst to tell your MD, 'Hey, I'm tired. Can we pick this up tomorrow?'"
A representative for BofA declined to comment on those workers' specific claims. In an emailed statement on Tuesday, the spokesperson said: "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."
Lukenas recently worked on a $2 billion deal
Investment banking is a notoriously grueling profession, and young bankers have repeatedly complained about burnout and pressure over the years. In 2021, a group of investment-banking analysts at Goldman Sachs kicked off a flurry of pay raises after a report they had prepared for their bosses about working long hours leaked online. In 2013, an intern at Bank of America in London died after working for three days in a row until 6 a.m., a blog post from that time said.
Lukenas — who joined the bank last summer and was a member of its financial-institutions group, which handles transactions for financial companies — had been part of a team working on UMB's $2 billion all-stock acquisition of Heartland Financial USA, announced in late April. A spokesperson for UMB did not respond to a request for comment on Tuesday about Lukenas' death.
Within BofA, Lukenas' team had developed a reputation for being particularly demanding, the current banker said. This person also said that recent departures of junior bankers, including from the financial-institutions and the industrials groups, left those
8 Min.