The 28-year-old Jeffries banker, who was victim of alleged drug overdose, worked 100 hours a week before his death.
Carter McIntosh, who joined Wall Street Investment Bank in 2023 after stints at Goldman Sachs and Maurice in New York City, was found dead on January 27th in an apartment in Dallas.
The police report cited “possible overdose,” and found a junior banker dead on his couch, saying that he “wrapped a $100 bill” in the kitchen “white powder” He said he discovered the substance of the disease.
McIntosh was prescribed attention deficit disorder medication, according to police reports, and could have overdose with Adderall, a stimulant used to survive the punishment day. It caused the fear of it being there.
“He was a grinder,” the source said of McIntosh. “He was really hardworking and on a very difficult team in Dallas. They gave him a lot of sh-t.”
Jefferies Insider said the use of Adderall is becoming more common in the company.
“A lot of people in the bank take it,” the source said.
MacIntosh's death renewed discussions about Wall Street's brutal labor culture. This was rekindled last year with the death of 35-year-old Bank of America banker Leorkena.
The former Green Beret died from a blood clot in his heart after allegedly working 100 hours to close a massive deal. There is no evidence that his death was related to his work, but JPMorgan moved to work for a few weeks 80 hours after the scandal.
Jefferies doesn't have such a cap, and its hardworking culture has been handed over from Madison Avenue headquarters in Manhattan to a satellite office in Dallas, according to multiple sources from investment banks who requested anonymity before speaking to the Post. .
They alleged that MacIntosh and other young bankers were pushed to their limits under pressure to close the megaback M&A deal.
California natives were part of the bank's technology, media and telecom teams. He reported directly to managing director Lawrence Schuh and worked closely in his dealings with fellow Nicholas Brown.
MacIntosh “worked like a dog” weeks before he passed away, one source said.
“The guys are ruthless on that team.”
Both Chu and Brown did not respond to requests for comment on the post, but a Jefferies source described the 28-year-old as “unsustainable.”
One banker, who demanded that he withhold his identity amid fear of retaliation, was found to have seen that some senior engineers behave “like a Chinese shop bull” to their younger colleagues. He said there was.
Two Jeffries Insiders also told the Post that junior team members raised concerns with senior management about tough times in the month before MacIntosh's death.
“You're working with increasingly difficult people who are going to give you sh-t no matter what you send,” argued one anonymous banker.
“These kids are directed at blaming themselves rather than blaming the system. So they just work, sleep less, eat less and work better.”
A Jeffries spokesman said: “This wild speculation needs to end. These statements are simply false. We believe that people are using this tragic case and twisting it for their own purposes. Masu.”
The representative declined to comment on MacIntosh's schedule or the nature of the company's working environment.
Law enforcement officials told the Post their investigation was underway.
Officials with the city's medical inspector said the autopsy report has not yet been compiled as they awaited the results of the toxicology test.
According to California real estate records, McIntosh grew up in Rancho Cucamonga, California, 40 miles east of Los Angeles, and graduated from nearby All-Boys Damien High School in 2014.
MacIntosh moved to New Jersey for university and graduated in 2018. He joined Jeffries in September 2023 after a stint at Goldman Sachs and Maurice. According to his LinkedIn profile.
His parents and sister still live in California. MacIntosh's mother did not reply to requests for comment from the post.
Jeffries CEO Rich Handler called MacIntosh “a well-respected and respected expert,” adding that he “had “feeling joy in life and very welcome everyone.”
The 63-year-old Finance Titan has started as a trader since 1990. The bank's latest proxy statement for 2024 shows that handlers have raked their payroll over the past 12 months with a salary of $18.9 million.
The CEO got caught up in a nasty Instagram video at a Miami client event after MacIntosh's death. On February 1st, he wrote a long note about X. I urged the younger staff to speak up.
“We have to thank Junior,” he wrote, insisting that he “just make a call” for those who need to help manage their workloads.
His X Profile Bio states that he will “become a good person.”
Jefferies recently introduced anonymous surveys for young bankers to provide feedback on top executives working on top of them, sources told the Post.
Two sources familiar with the situation said the company's “funny” bonus clawback policy could make the work environment particularly stressful.
Clawback gradually decreases over time, but after working for the company for four years, it only drops to zero.
Of course, successful bankers get more of these bonuses each year.
Draconia's policies written in the company's work agreement effectively prevent staff from seeking alternative banking, sources said. The application created by Jefferies describes this policy as “robust.”
“You can't leave unless you're fired,” said the former Jeffreys banker who was recently fired. “It's a tough culture because most people for so long are stuck there. Everyone in that company is operating in a state of fear, stress and anxiety.”
“I was constantly pushing back false misinformation,” the source added. “We haven't cured cancer, so we don't need to do everything tomorrow.”
Another insider with deep knowledge of Wall Street recruitment said: It's like being a prisoner. Overall, it's relatively awful. People pray that Jeffries will be fired. ”
Industry veterans have picked out banking technology, media and communications teams, as is known on Wall Street for being “toxic.”
One source still in the bank has already plotted the exit.
“I'm just trying to survive this job, get it on my resume and get it out of here,” the source said.
