Leo Lukenas III, a former Green Beret who transitioned into investment banking, tragically passed away at the young age of 35 in May. His cause of death was determined to be “acute coronary artery thrombus,” which is a fatal blood clot in the heart. This unfortunate event has shed light on the gruelling work culture present at Wall Street firms, particularly at Bank of America (BofA), where Lukenas was working under the head of the Financial Institutions Group (FIG), Gary Howe.
Gary Howe, known for pushing junior bankers to their limits, had Lukenas working on a high-pressure $2 billion UMB Financial merger project. Despite the bank’s 80-hour workweek cap, Howe allegedly pushed Lukenas and others to work up to 100-hour weeks, which ultimately took a toll on Lukenas. Colleagues mentioned that Lukenas had expressed frustration with the long hours and even considered taking a pay cut for more sleep.
The fact that Gary Howe has not been fired following Lukenas’ death has raised questions and sparked outrage within the banking community. While Howe was stripped of his oversight of BofA’s FinTech investment banking team, many view this as a demotion rather than a proper consequence for his actions. BofA’s culture of demotions rather than firings has come under scrutiny, with some experts speculating that Howe is being kept on to avoid legal repercussions related to Lukenas’ death.
In the aftermath of the tragedy, Gary Howe deleted his LinkedIn profile, leading to further speculation about his future at BofA. However, he remains in his position, with the bank’s global corporate and investment banking chief voicing support for him. Despite the controversy surrounding Howe, he attended Lukenas’ funeral alongside other BofA employees, including senior executives.
The toxic work culture present on Wall Street, especially in sectors like investment banking, has been brought into focus following Lukenas’ death. While reforms have been implemented by major banks like BofA and JPMorgan Chase to reduce burnout, there are doubts about the lasting impact of these changes. The tragic loss of Lukenas has prompted calls for meaningful reforms in the finance industry, but it remains to be seen whether these changes will be effective in preventing similar tragedies in the future.
In conclusion, the untimely death of Leo Lukenas III has highlighted the need for significant changes in the work culture of Wall Street firms. The lack of accountability for individuals like Gary Howe, who push junior bankers to extreme limits, raises concerns about the industry’s commitment to real change. As the finance sector grapples with the aftermath of this tragedy, it is imperative to address the deep-rooted issues that contribute to overwork and prioritize the well-being of employees to prevent further loss.
