‘Toxic’ Work Culture: US Banker’s Sudden Death Provokes Outrage At Wall Street

‘Toxic’ Work Culture: US Banker’s Sudden Death Provokes Outrage At Wall Street
‘Toxic’ Work Culture: US Banker’s Sudden Death Provokes Outrage At Wall Street

Updated May 11, 2024, 10:05 IST

The death of Bank Of America associated at the age of 35 has provoked an outrage on Wall Street and in view of this, the bankers point out the toxic work culture may have resulted in his death. The deceased, identified as Lukenas III was part of Bank of America’s Financial Institutions Group.

Leo Lukenas III (Photo: LinkedIn)

The death of Bank Of America associated at the age of 35 has provoked an outrage on Wall Street and in view of this, the bankers point out the toxic work culture may have resulted in his death. The deceased, identified as Leo Lukenas III was part of Bank of America’s Financial Institutions Group.

The banker, who was a former Green Beret, died on May 2 of “acute coronary artery thrombus.” The banker had allegedly been working on a USD 2 billion merger and was contributing some 100 hours a week for many weeks in a row. The merger was completed three days before his death.

The reaction to Lukenas’ death on Wall Street reflects a growing concern over the demanding work culture prevalent in many financial institutions. The swift and severe response, particularly aimed at Lukenas’ boss Gary Howe, underscores the frustration and anger among bank staffers, New York Post reported.

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The reported discussions of a possible walkout indicate a willingness among employees to take a stand for better working conditions. The list of demands circulated on social media reflects a desire for proactive measures to address the issues contributing to the intense work environment, including an average of 80 hours over a 7-day period. The post also called for at least one weekend off every month for employees.

Bank of America has stated that they won’t take action against Howe or look into complaints about junior bankers working 100-hour weeks. A spokesperson expressed sadness about the loss of their colleague and said they’re focusing on supporting the family and close colleagues.

Lukenas, who had a wife and two young children, was known for his dedication to work. Some bankers feel his death reflects a culture that prioritizes money over people’s well-being. This has reopened the debate about a bank’s duty to its employees.

 
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