In a shocking turn of events, Bank of America executive Gary Howe has been stripped of his leadership role following the tragic death of 35-year-old Leo Lukenas III, a junior banker and former Green Beret, who had been working a brutal 100-hour workweek. The sudden death of Lukenas, who had only been at the bank for a year, has exposed the dark side of Wall Street’s high-pressure culture, where extreme work conditions are the norm—and sometimes fatal.
Lukenas, a husband and father of two, passed away suddenly in May after working tirelessly to close a $2 billion merger. In the weeks leading up to his death, he had voiced his concerns over the excessive hours, even considering a 10% pay cut in exchange for fewer hours and more time to rest. His complaints, however, went largely unheard in the relentless environment of corporate finance.
Gary Howe Demoted Amid Growing Scandal
Howe, who led the bank’s Financial Institutions Group (FIG), had a reputation for driving his team to the limit, frequently ignoring the 80-hour workweek cap that was implemented to protect employees. Known for his demanding management style, Howe pushed his junior bankers through grueling workloads, a practice that ultimately contributed to Lukenas’ tragic death.
As outrage grew within the company and among Lukenas’ family, Bank of America took swift action. Howe was removed from his leadership role over FIG, with speculation that his demotion could signal an eventual departure from the company. In August, Bank of America reassigned about 50 employees from Howe’s FinTech unit, sending a clear message that the company is quietly reshuffling in response to the scandal.
A Dark Day for Wall Street Culture
Lukenas’ death has sparked widespread criticism of the toxic work culture in investment banking, where junior employees are often expected to work beyond their physical and mental limits. Legal experts suggest that Bank of America’s decision to demote Howe may be a strategic move to distance the company from any legal fallout that could arise from the tragedy.
Though the official cause of Lukenas’ death was reportedly a blood clot, many close to him believe the relentless pressure of the job played a significant role. Lukenas had spoken to colleagues and family members about the toll the job was taking on his health, expressing frustrations over the long hours that left him little time for sleep or family.
The tragedy also shines a spotlight on broader issues within the finance industry. Bank of America had already been under scrutiny after a Wall Street Journal investigation revealed how some managers encouraged employees to underreport their hours to avoid crossing the 80-hour weekly limit. The cap was put in place over a decade ago after the death of an intern who had worked nearly 72 hours straight. Yet, in many cases, junior bankers like Lukenas still find themselves working well beyond the supposed “limit.”
A Devastating Impact on Family and Colleagues
Lukenas, who had joined Bank of America in March 2023, had already made a name for himself in the banking world after serving as a Green Beret in the U.S. Army’s Special Forces for a decade. His move into investment banking was driven by a desire to provide for his family and explore new opportunities. Tragically, his pursuit of success came at the ultimate cost.
Lukenas is survived by his wife and two children. His death has left a profound impact on his family and colleagues alike, many of whom attended his funeral alongside 50 Bank of America employees, including senior executives. A donation page has been set up by the nonprofit group 51 Vets in his honor, with a goal of raising $1,000,000 to support his family.
Wall Street Under Pressure to Change
The scandal has sent shockwaves through the finance industry, with Bank of America and its competitors now under increased pressure to implement meaningful changes that protect employees from the extreme demands of the job. The bank has already taken steps to address the issue, introducing a new timekeeping system that requires junior bankers to report their hours daily, rather than weekly, in an effort to prevent managers from pushing employees beyond their limits.
Rival banks, including JPMorgan, have also introduced similar measures, capping the workweek for junior bankers at 80 hours and implementing stricter policies to ensure compliance. However, many insiders believe that these reforms don’t go far enough. As one junior banker at Bank of America put it, “What we all want is some acknowledgment of what happened and a real commitment to making work life better. This has been long overdue, and I believe it’s only gotten worse.”
The Legacy of a Fallen Banker
Lukenas’ tragic death has cast a harsh light on the demanding nature of investment banking, sparking much-needed conversations about the well-being of those working in such high-stress environments. While Bank of America may have demoted Howe in an attempt to restore its image, the question remains—will Wall Street finally take steps to protect its employees, or will the cycle of overwork and burnout continue?
The shocking demise of a young banker, who had already served his country as a Green Beret, serves as a reminder that no job should come at the cost of one’s life. As Bank of America navigates the aftermath of this scandal, the financial world is left to reckon with the dangerous consequences of a culture that values profit over people.
