The death of a Bank of America associate last week has ignited a firestorm on Wall Street as some bankers slam the toxic work culture they feel contributed to his death — including reported complaints over 100-hour work weeks.
Leo Lukenas III, a former Green Beret who was part of the bank’s Financial Institutions Group, died of “acute coronary artery thrombus” at age 35 last Thursday, according to a Reuters report. He leaves behind a wife and two young children.
His death came after he had allegedly been working some 100 hours a week for several weeks in a row on a $2 billion merger that was completed last Monday — three days before his tragic death.
Much of the outcry on social media site Reddit from purported bank staffers has been directed at Lukenas’ boss Gary Howe, co-head of the financial institutions group. Howe took down his LinkedIn page during the last few days.
Some employees have reportedly messaged each other about a possible walkout in an effort to bargain for better working conditions, according to popular financial website and chat board Wall Street Oasis.
One post from an anonymous banker highlighted a list of demands for employees’ welfare that generated more than 450 comments in response.
The demands include “proactive policies” that cap work schedules at an average of 80 hours over a seven-day period, and that employees get at least one weekend off per month. It also called for an investigation into Lukenas’ death.
So far, workers have remained at their desks — in part because they feared retribution for raising concerns about the toxic culture, sources said.
A Bank of America spokesperson did not comment about a possible walkout or the accusations of retribution when reached by The Post.
The rep said the bank has no plans to take any action against Howe or to investigate complaints that its junior bankers are forced to put in 100-hour weeks.
“We are very saddened by the loss of our teammate. We continue to focus on doing whatever we can to support the family and our team especially those who worked closely with him,” the BoA spokesperson told The Post.
Howe did not reply to multiple requests for comment.
Lukenas had been a Green Beret for more than a decade — from 2013 until he joined the bank as a full-time employee last July — according to his LinkedIn page. He posted news about the deal between UMB Financial and Heartland Financial on LinkedIn days before his death.
He was a member of 51 Vets, a nonprofit dedicated to connecting transitioning and transitioned veterans from elite military communities with leading business, according to its website.
“51 Vets completely changed the trajectory of my post military career. Outstanding organization with an incredible mission,” Lukenas had recently posted on LinkedIn.
A fundraiser for his family, launched by 51 Vets, has already raised $258,962 as of early Thursday afternoon, including $10,000 from hedge fund titan Bill Ackman.
“This was an organic campaign organized by our members,” 51 Vets Founder Jordan Selleck told The Post. “This speaks to the pain in the veteran community and Leo’s reputation in the community.”
“On May 2nd, 2024, 51 Vets lost a father, husband, son, Green Beret and member,” 51 Vets says on its site. “Leo left behind a wife, and two young children. Leo spent over a decade in Army Special Operations, deploying multiple times with 1st Special Forces Group. He was dedicated to everything he did, never settling for good enough. He always set the example and held himself to the highest standards, prioritizing the team and mission success over himself.”
Lukenas’ dedication to work is why some on Wall Street are quick to link his passing to a culture they believe values wealth over well-being.
While there is no direct evidence to suggest his work had anything to do with his death, numerous studies have linked acute stress to thrombosis.
Lukenas’ shocking death reopened a longstanding debate on Wall Street about a bank’s responsibility to employees.
More than a decade ago, Moritz Erhardt, a 21-year-old intern at Bank of America in London, died after working until 6 a.m. three nights in a row. A coroner concluded that Erhardt’s death from an epileptic seizure (which limited his oxygen supply) that may have been triggered by fatigue.
Following his death, banks made an effort to restrict employee work hours.
That discussion was reignited in 2021 after a PowerPoint presentation, compiled by 13 Goldman Sachs junior bankers and calling out brutal work weeks, leaked to the popular Wall Street influencer Litquidity.
“What is not ok to me is 110-120 hours over the course of a week! The math is simple, that leaves 4 hours for eating, sleeping, showering bathroom and general transition time. This is beyond the level of ‘hard-working,’ it is inhuman/ abuse,” one analyst wrote at the time.
In response, banks began hiring more staff to lighten junior employees’ workloads and limit hours.
But over the last year, as Wall Street profits dropped and firms prepared for a possible recession, several banks — including Bank of America — cut the work force once again.
