Wall Street banker’s death at 35 ignites firestorm over alleged grueling 100-hour workweeks

Lukenas III died on May 2 after allegedly working 100-hour weeks to get a deal closed.

The recent death of a Bank of America associate, Leo Lukenas III, has sparked controversy within Wall Street, with some employees criticizing the demanding work culture that may have contributed to his passing.

Lukenas, a former Green Beret in the bank’s Financial Institutions Group, tragically died at age 35 due to an acute coronary artery thrombus. He had reportedly been working grueling 100-hour weeks leading up to his death, primarily on a $2 billion merger project.

Leo Lukenas III leaves behind a wife and two kids.

The outcry has focused on Gary Howe, Lukenas’ boss, and co-head of the financial institutions group, prompting discussions of a potential walkout to demand improved working conditions. Calls for proactive policies to limit work hours to a maximum of 80 hours per week and ensure at least one weekend off per month have gained traction. Employees are also advocating for an investigation into Lukenas’ death.

Despite these concerns, employees have hesitated to take action, fearing repercussions in the already stressful work environment. Bank of America has refrained from commenting on the possibility of a walkout or addressing allegations of retribution, stating that they have no plans to take action against Howe or investigate complaints about excessive work hours.

Junior bankers at Bank of America had discussed a possible walkout over work conditions but feared retribution, sources said.

Lukenas, a dedicated Green Beret for over a decade before joining the bank, was known for his commitment to his work. His passing has reignited discussions about the bank's responsibility to its employees, especially in light of previous instances where overwork has been linked to health issues and tragic outcomes.

While there is no direct evidence linking Lukenas’ workload to his death, the incident has underscored ongoing concerns about work-related stress and its impact on employee well-being.

The response to Lukenas’ death reflects broader debates within Wall Street regarding work culture and employee welfare. In the past, incidents like Moritz Erhardt's death prompted efforts to limit work hours, but recent staffing cuts amid economic challenges have raised questions about prioritizing profits over employee health and safety.