The Financial institution of America banker whose demise this month renewed considerations about Wall Avenue’s grueling working circumstances had been on the lookout for a brand new job with a greater work-life stability, an govt recruiter advised Reuters.
Leo Lukenas III, a 35-year-old Military veteran, turned an investment-banking affiliate at Financial institution of America final yr, the place he labored on transactions for financial-services corporations.
He died on Could 2. Reuters reported that the New York Metropolis Workplace of the Chief Medical Examiner deemed the reason for demise “acute coronary artery thrombus,” which causes blood to clot within the coronary heart. The coroner’s report didn’t set up a connection between Lukenas’ working circumstances and his demise.
A brand new report from Reuters launched Wednesday raised extra questions in regards to the hours Lukenas might have been logging main as much as his premature demise.
Douglas Walters, an govt recruiter and managing companion at GrayFox Recruitment, advised Reuters in an interview that he was in contact with Lukenas within the months earlier than he died and that the banker was searching for a job with higher hours. Walters mentioned Lukenas advised him he was placing in additional than 100 hours per week at Financial institution of America.
Lukenas was even prepared to take a pay minimize to work at a boutique funding banking agency so long as the hours had been higher, in line with Walters’ interview with Reuters. The recruiter declined to share the identify of the agency. “He made a remark saying like, ‘Hey, I am going to commerce hours of sleep for a ten% (pay) minimize,'” Walters advised Reuters.
Walters mentioned he had helped Lukenas put collectively his utility for that agency. He additionally advised the outlet Lukenas requested if it was regular to work 110-hour weeks. Walters mentioned he advised Lukenas that was extreme, even by Wall Avenue’s requirements.
Walters didn’t return requests for remark despatched through LinkedIn by BI on Wednesday, and GrayFox Recruitment couldn’t be reached. GrayFox says it providers corporations in funding banking, non-public fairness, and company mergers and acquisitions.
Financial institution of America didn’t instantly reply to a request for remark from BI. In an emailed assertion to BI final week, a spokesperson for the financial institution mentioned: “We’re very saddened by the lack of our teammate. We proceed to give attention to doing no matter we are able to to help the household and our group, particularly those that labored carefully with him.”
Present and former funding bankers advised Enterprise Insider following Lukenas’ demise that his passing had dominated trade chatter and sparked considerations inside the agency and the funding banking sector — a pressure-cooker enterprise recognized for its onerous work tradition, and sometimes crushing calls for on junior professionals.
Previous to Lukenas’ demise, he had been collaborating on deal work associated to UMB’s $2 billion all-stock acquisition of Heartland Monetary USA — a transaction that was introduced in late April. Final week, the nonprofit group 51 Vets launched a fundraiser for the Lukenas household, which has raised greater than $380,000 of its supposed $1 million objective.
Are you a Financial institution of America or Wall Avenue worker with particulars to share? Contact these reporters. Reed Alexander will be reached through e-mail at ralexander@businessinsider.com, or SMS/the encrypted app Sign at 561-247-5758.
