The death of Leo Lukenas III, a 35-year-old former Green Beret and Bank of America employee, has brought renewed attention to the demanding work culture on Wall Street. Lukenas, who passed away from a blood clot on May 2, 2024, was reportedly working 100-hour weeks before his death. His passing has resonated with many bankers who see parallels in their grueling schedules.
According to a Reuters report, Lukenas had been seeking a new job with better hours, highlighting the intense workload he managed before his death. Despite no direct evidence linking his death to work-related stress, the incident has sparked discussions about the high-pressure environment many Wall Street employees endure.
“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,” a Bank of America employee shared.
Adding to the concerns, another Bank of America employee, Adnan Deumic, died suddenly on May 16. Deumic, a 25-year-old London-based trader, collapsed during a charity soccer tournament. While the cause of his death is still unknown, cardiac arrest is suspected. Deumic’s work hours, although closer to 60 per week, were marked by significant stress due to the high-stakes nature of his trades.
A source familiar with Adnan’s situation stated, “Adnan’s workdays lasted 11 to 12 hours, and they were extremely demanding. He couldn’t even spare time for a coffee break.”
Wall Street’s demanding culture has long been a point of contention. Investment banking, the sector in which Lukenas worked, is notorious for its rigorous workload. New hires can earn up to $200,000 annually but often work 100-hour weeks.
The intense work culture is a systemic issue driven by the industry’s hierarchical structure. Managers often fail to respect junior employees’ time, assigning last-minute tasks that could have been delegated earlier in the week. A managing director highlighted this practice, explaining, “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 employees find solace in online communities and social media platforms like Reddit and WallStreetOasis.com. These forums have become places for workers to share their experiences and frustrations.
An anonymous banker revealed on social media that Bank of America uses a ‘banker diary,’ where junior bankers log their weekly hours. Although the system is intended to prevent overworking, the banker mentioned that managing directors have asked them to falsify 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 efforts to implement policies aimed at reducing work hours, such as the Saturday rule at Goldman Sachs, these measures are often ignored. The Saturday rule requires employees to be out of the office and not working between 9 p.m. Friday and 9 a.m. Sunday. However, sources indicate that these guidelines are frequently overlooked.
The industry’s cyclical nature exacerbates the issue. When profits are high, and there is a talent shortage, banks promise better hours and perks to attract talent. However, firms cut costs, reduce headcount, and increase workloads for remaining employees when profits dip.
Mark Moran, who now runs the investor relations firm Equity Animal, spent four years in investment banking and 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 have severe health consequences. A survey conducted by Overheard on Wall Street revealed that junior bankers average just five hours of sleep per night. One former investment banker recounted her experience: “I was so exhausted that I had to rest my eyes in a bathroom stall every few hours just to function.”
Sleep deprivation combined with a high-pressure environment can cause physical and mental health problems. Hank Medina, who operates the Instagram account Litquidity, recounted experiencing chest pain and heart palpitations while employed at Jefferies Bank. “The pain was diagnosed as a result of extremely high stress and insufficient sleep,” Medina explained.
Despite these challenges, Wall Street’s culture shows little sign of change. As one longtime Wall Streeter put it, “It wouldn’t take that much to be a leader and make real change. It’s such an archaic culture.”
Leo Lukenas leaves behind a wife and two young children. His brother, Lew Lukenas, described him as “a remarkable individual whose kindness, strength, and spirit touched the lives of everyone he met.”
As the debate over Wall Street’s work culture continues, the deaths of Lukenas and Deumic serve as stark reminders of the human cost of relentless work demands.