A 35-year-old Bank of America investment banker who died from a blood clot earlier this month was looking for a job at another company because of the stress of working more than 100 hours a week, according to a report.
Leo Lukenas III, a former noncommissioned officer turned junior banker who worked at Bank of America’s offices in midtown Manhattan, died on May 2 from what the coroner called an acute coronary thrombosis. , I contacted an executive recruiter about a new job. Reuters reported on Wednesday.
Douglas Walters, a managing partner at Greyfox Recruitment, told Reuters that Lukenas told Reuters in mid-March that he wanted to leave Bank of America, citing grueling work hours.
GrayFox Recruitment is a company specializing in recruitment to the financial industry, including investment banking and private equity.
Walters told Reuters that Lukenas left behind a wife and two young children but did not raise any health issues during discussions about career options.
The former Green Beret told Walters that he grew up in a competitive culture and “never said no” to a mission, Walters recalled.
But Mr. Lukenas also asked Mr. Walters whether it was normal for him to work 110 hours a week.
Mr. Walters told Mr. Lukenas that such long hours and consistent hours were unusual even by Wall Street standards, he said.
“He made comments like, ‘Hey, I’ll take a 10 percent (salary) cut in exchange for sleep time,'” Walters said.
Lukenas said he spends too little time with his family, Walters added.
Mr. Walters said he worked with Mr. Lukenas to prepare an application for an associate position at a “boutique” investment bank in New York, but Mr. Walters declined to name him.
“I know (the bank) would have called to transfer him, but he and I were going back and forth about it,” Walters said.
The newspaper has contacted Bank of America for comment.
Loukenas’ death sparked an outcry on social media, particularly among Wall Street workers who argued that a toxic culture of forcing employees to work extremely long hours remained prevalent.
Mr. Lukenas’ boss, Gary Howe, co-head of Bank of America’s financial institutions group, deactivated his LinkedIn page after being flooded with angry messages from people claiming to be bank employees.
Bank of America employees have taken to social media platforms such as Wall Street Oasis to discuss the possibility of a strike as part of negotiations for better working conditions.
So far, employees have remained seated at their desks, in part because they fear retaliation for raising concerns about a toxic culture, people told the Post last week.
A Bank of America spokesperson told the Post last week that the company has no plans to take disciplinary action against Mr. Howe.
There are also no plans to investigate complaints that junior bankers are 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 spokesperson told the Post.
Howe did not respond to multiple requests for comment.
A Bank of America spokeswoman declined to comment to Reuters when asked about the conversation between Walters and Lukenas, long working hours and job hunting.
Loukenas’ wife and brother did not respond to calls, texts and emails seeking comment, Reuters reported.
51 Vets, a nonprofit group for veterans that is helping organize donations for Lukenas’ family, declined to comment.
Lukenas, who lives in Brooklyn, was a Green Beret for more than a decade before being hired full-time by Bank of America last July, according to his LinkedIn page.
Before his death, he was working on a $2 billion merger, which was completed earlier this month.
Days before his death, Lukenas 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 familyThe project, founded by 51 military veterans, had already raised $258,962 as of early Thursday afternoon, including $10,000 from hedge fund titan Bill Ackman. ing.
“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 its 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, holding himself to the highest standards and putting the success of his team and mission above his own.”
Wall Street has long grappled with overworking its junior employees.
Some companies have taken measures such as increasing salaries, holding training sessions and banning workers from working on Saturdays and regular weekends.
Bank of America is among the banks that don’t allow junior bankers to work Saturdays unless an exception is requested, according to current and former employees.
The bank overhauled its work culture in 2013 after an intern in London died from epilepsy after working through the night.
The coroner, an independent judicial officer, found that intern Moritz Erhardt died of natural causes.
Additional reporting by Lydia Moynihan and Josh Cosman
