The death of a Bank of America employee last week prompted some bankers to decry a toxic work culture that may have contributed to his death, including reports of complaints about his 100-hour workweeks. , which caused a huge uproar on Wall Street.
Leo Lukenas III, a former Green Beret and member of the bank’s financial institutions group, died last Thursday at the age of 35 from an “acute coronary thrombosis.” According to a report from Reuters. He leaves behind his wife and two young children.
His death came after he was said to have been working approximately 100 hours a week for several consecutive weeks on a $2 billion merger that closed last Monday, three days before his tragic death.
Much of the outcry from alleged bank employees on the social media site Reddit has been directed at Lukenas’ boss, Gary Howe, co-head of the financial institutions group. Mr. Howe has deleted his personal LinkedIn page in recent days.
According to popular financial website and chat bulletin board Wall Street Oasis, some employees reportedly messaged each other about a possible strike to demand better working conditions.
One post from an anonymous banker highlighted a list of demands for employee benefits and received more than 450 comments in response.
The demands include “aggressive policies” such as limiting work schedules to an average of 80 hours over seven days and requiring employees to take at least one weekend off per month. He also called for an investigation into Mr Loukenas’ death.
So far, employees have remained seated at their desks, in part because they fear retaliation for raising concerns about a toxic culture, officials said.
A Bank of America spokesperson declined to comment to the Post about a possible strike or accusations of retaliation.
The official said the bank has no plans to take any action against Mr. Howe or investigate complaints about junior bankers being forced to work 100-hour weeks.
“We are deeply saddened by the loss of our teammate. We remain focused on doing everything we can to support his family and our team, especially those who worked closely with him.” ,” a BoA spokesperson told the Post.
Howe did not respond to multiple requests for comment.
According to his LinkedIn page, Lukenas served as a Green Beret for more than a decade, from 2013 until joining the bank as a full-time employee last July. Days before his death, he posted news about the UMB Financial and Heartland Financial deal on LinkedIn.
He was a member of 51 Vets, a nonprofit organization dedicated to connecting veterans and veterans from the elite military community with top companies, according to its website.
“51 Veterans completely changed the trajectory of my post-military career. An outstanding organization with an incredible mission,” Lukenas recently posted on LinkedIn.
a Fundraiser for his familyFounded by 51 veterans and already Raised $258,962 As of early Thursday afternoon, that included $10,000 from hedge fund titan Bill Ackman.
“This was an organic campaign organized by our members,” 51 Vets founder Jordan Selleck told the Post. “This speaks to the pain of the veteran community and Leo’s reputation within the community.”
“On May 2, 2024, 51 Veterans lost a father, husband, son, Green Beret, and member,” 51 Veterans said on their site. “Leo leaves behind a wife and two young children. Leo served in Army Special Operations for over 10 years and deployed multiple times to the 1st Special Forces Group. He was dedicated to everything he did. He never had enough. He always led by example, held himself to the highest standards, and put the success of his team and mission above his own.”
Because of Mr. Lukenas’ dedication to his work, some on Wall Street are quick to associate his death with a culture they believe values wealth over happiness.
Although there is no direct evidence to suggest that his work had anything to do with his death, numerous studies Acute stress is thought to be associated with thrombosis.
Mr. Lukenas’ shocking death reignited a long-running debate on Wall Street about banks’ responsibilities to their employees.
More than a decade ago, Moritz Erhard, 21, an intern at Bank of America in London, died after working until 6 a.m. for three consecutive nights. The coroner concluded that fatigue may have been the trigger for Erhardt’s death from an epileptic seizure that limited her oxygen supply.
After his death, banks began efforts to limit employees’ working hours.
The debate was reignited in 2021 when a PowerPoint presentation compiled by 13 junior Goldman Sachs bankers complaining about the grueling work week was leaked to popular Wall Street influencer Liquidity.
“What’s not good for me is 110-120 hours a week. The math is simple: 4 hours left over for eating, sleeping, showering, and general travel time. It is inhumane/abuse,” one analyst wrote at the time.
In response, banks began hiring more employees to reduce the workload of younger employees and limit working hours.
But last year, as Wall Street profits fell and companies braced for a possible recession, several banks, including Bank of America, cut jobs again.
