The recent death of Leo Lukenas III, a junior banker at Bank of America, has drawn significant attention to the grueling work conditions many junior employees face in the finance industry.
Lukenas, a former Green Beret, had been working upwards of 100 hours a week leading up to his sudden passing in May at the age of 35. His death has ignited conversations around the extreme demands placed on junior bankers, and it’s put Gary Howe, the head of the bank’s Financial Institutions Group (FIG), under scrutiny for his management practices.
Howe, a senior executive known for driving his team hard, has been reassigned to a new role as Bank of America appears to distance itself from the controversy. While no formal disciplinary action has been taken, 50 employees from his FinTech unit were moved to another group, and his oversight over that division was stripped earlier this year. Howe’s reputation for pushing junior bankers beyond their limits, coupled with his stricter return-to-office policies post-pandemic, has left many questioning the culture he fostered within the bank.
Lukenas had complained about the intense hours prior to his death, even considering taking a pay cut in exchange for more manageable working conditions and sleep. Just days before his passing, he completed a $2 billion merger between UMB Financial and Heartland Financial, working around the clock to close the deal.
Family members believe the stress of the job may have contributed to his death, which was reportedly caused by a fatal blood clot. Though there’s no concrete evidence linking his death to overwork, the circumstances have prompted debate about the expectations placed on junior employees in the finance industry.
Bank of America, like other Wall Street giants, has long faced criticism for the relentless hours its junior bankers work. While the company officially enforces an 80-hour weekly cap, insiders suggest that employees often exceed that limit, especially when working on major deals.
The bank recently rolled out a new system requiring junior bankers to report their hours daily in an effort to more closely monitor workloads, following a Wall Street Journal investigation revealing that some managers had instructed employees to underreport their hours. The 80-hour cap itself was established after the death of an intern who had worked nearly 72 hours straight, making the current incident feel like an echo of the past.
Lukenas’ death has stirred widespread reflection among junior bankers at Bank of America, many of whom have expressed frustration with the lack of acknowledgment that work stress could have played a role in his passing. One junior banker remarked, “I think what we all would want is some acknowledgment about what happened… and at least not completely dismiss the fact that it could have been work-related.”
Howe, who attended Lukenas’ funeral alongside 50 Bank of America employees and senior executives, has remained silent on the issue and even deactivated his LinkedIn profile following the incident. Bank of America CEO Brian Moynihan has a history of handling internal controversies quietly, typically opting for demotions or pay reductions over outright firings, as is the case with Howe.
This incident has not only affected Bank of America but has also prompted changes at rival firms. JPMorgan, for example, recently capped work hours for junior bankers at 80 hours a week, signaling an industry-wide recognition that something needs to change. Whether these new measures will be enough to prevent further tragedies in the high-pressure world of investment banking remains to be seen, but the scrutiny on Wall Street’s demanding culture is more intense than ever.
