The passing of Leo Lukenas III, a 35-year-old ex-Green Beret and former employee of Bank of America, has thrust Wall Street’s rigorous work culture back into the spotlight. Lukenas, who died from a blood clot on May 2, 2024, was said to be working weeks spanning 100 hours prior to his death, a fact that reverberates with many bankers who are familiar with such taxing schedules.
A report by Reuters notes that Lukenas was actively seeking employment with more reasonable hours, underscoring the substantial workload he was handling before his death. Although there is no direct proof linking his death to work-related stress, the occurrence has instigated conversations about the high-pressure atmosphere many Wall Street workers face.
A Bank of America employee revealed, “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.”
Adnan Deumic, another Bank of America employee, died suddenly on May 16. Deumic was a 25-year-old trader based in London who collapsed during a charity soccer tournament. The cause of his death is still uncertain, with cardiac arrest being a possibility. Though his work hours were closer to 60 per week, they were fraught with considerable stress due to the high-risk nature of his trades.
“Adnan’s workdays lasted 11 to 12 hours, and they were extremely demanding. He couldn’t even spare time for a coffee break,” shared a source close to Deumic.
The demanding culture of Wall Street has been a longstanding issue of contention. The sector that Lukenas was involved in, investment banking, is notorious for its heavy workload. New hires can make up to $200,000 annually but are often expected to work 100-hour weeks.
In this high-pressure work environment, the disregard for the time of junior employees by managers is a systemic issue, often leading to last-minute task assignments that could have been delegated earlier. A managing director shed light on this practice, stating, “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.”
Many workers find relief in online communities and social media platforms like Reddit and WallStreetOasis.com. These forums have become spaces for employees to share their experiences and grievances.
An anonymous banker disclosed on social media that Bank of America utilizes a ‘banker diary,’ where junior bankers record their weekly hours. This system is designed to prevent overworking, however, the banker noted that some managing directors have asked them to alter their entries to avoid detection.
Bank of America responded to these allegations, stating, “Our policy is clear, and we expect employees to record their hours accurately.”
Despite attempts to enforce policies like the Saturday rule at Goldman Sachs, which mandates employees to be off work between 9 p.m. Friday and 9 a.m. Sunday, these measures are often overlooked. This is evidenced by reports that such guidelines are frequently ignored.
The cyclical nature of the industry complicates matters. During times of high profits and talent shortage, banks lure talent with better hours and perks. But, when profits fall, firms cut costs, reduce staff, and intensify the workload for the remaining employees.
Mark Moran, who currently leads the investor relations firm Equity Animal and spent four years in investment banking, 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 serious health implications. A survey by Overheard on Wall Street found that junior bankers sleep an average of just five hours per night. Recounting her experience, a former investment banker said, “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 high pressure can result in physical and mental health issues. Hank Medina, who manages 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 said.
Despite these challenges, there seems to be little movement towards changing Wall Street’s culture. As a seasoned Wall Street employee put it, “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 his 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.”
