Leo Lukenas III, a former Green Beret who made the challenging transition to investment banking, tragically passed away in May at just 35 years old. Lukenas, who had been working 100-hour weeks at Financial institution of America (BofA), died from “acute coronary artery thrombus”—a deadly blood clot within the coronary heart. His loss of life has sparked outrage over the gruelling work tradition at Wall Avenue corporations and raised questions on his boss, Gary Howe, the top of BofA’s Monetary Establishments Group (FIG). Regardless of the extraordinary scrutiny, Howe stays employed on the financial institution, prompting the query: Why hasn’t he been fired?
Intense Work Circumstances Underneath Gary Howe
Gary Howe, 54, is understood for pushing junior bankers to their limits, usually effectively past the financial institution’s acknowledged insurance policies. Lukenas had joined BofA in March 2023 and was engaged on the high-pressure $2 billion UMB Monetary merger on the time of his loss of life. In keeping with colleagues, Lukenas expressed frustration with the lengthy hours, even considering a ten% pay reduce for extra sleep. “He made a remark saying, ‘Hey, I will commerce hours of sleep for a ten% (pay) reduce,'” recruiter Douglas Walters informed Reuters.
Howe had a status for not strictly imposing the 80-hour workweek cap for junior bankers, which has been in place at BofA because the loss of life of a 21-year-old intern in 2013. As a substitute, Howe pushed Lukenas and others to work as much as 100-hour weeks, in keeping with IBTimes. One junior banker mentioned of Lukenas’ loss of life, “What all of us would need is a few acknowledgement about what occurred, and at the very least begin having these conversations about how they will make junior bankers’ work life a lot better as a result of it has been lengthy overdue.”
Why Is not Howe Fired?
Regardless of the outcry following Lukenas’ loss of life, Gary Howe has not confronted termination. As a substitute, in August 2024, he was stripped of his oversight of BofA’s profitable FinTech funding banking staff, which many seen as a demotion. “This was an influence transfer towards Gary,” a supply informed The New York Put up. Nevertheless, Howe stays a senior govt on the financial institution, a mirrored image of BofA’s tradition of demotions over outright dismissals.
CEO Brian Moynihan is understood for dealing with inside conflicts with demotions or pay cuts quite than firings. “Financial institution of America does not fireplace folks,” a former BofA govt informed The Put up. “There will probably be a title change, a drop in pay. I do not suppose Gary will probably be there in six months.”
Some consultants consider BofA’s reluctance to fireplace Howe might be an try to keep away from authorized issues tied to Lukenas’ loss of life. “I am certain an investigation was finished internally,” mentioned labour lawyer Tavir Rahman. “I may see him being the autumn man.”
Howe Deletes LinkedIn and Attends Lukenas’ Funeral
Within the wake of Lukenas’ loss of life, Gary Howe deleted his LinkedIn profile, fuelling hypothesis about his future at BofA. Howe’s withdrawal from the general public eye occurred shortly after Lukenas’ passing, additional elevating questions on his position within the tragedy. However, Howe stays in his place, with BofA’s world company and funding banking chief, Matthew Koder, defending him: “Gary has our full help as chief of our International Monetary Establishments Funding Banking group, and we proceed to speculate on this main franchise,” Koder informed The New York Put up.
Regardless of the controversy, Howe attended Lukenas’ funeral alongside about 50 BofA workers, together with different senior executives. The service was held at Fort Liberty (previously Fort Bragg), the US Military base the place Lukenas had served as a Inexperienced Beret. Military officers performed Earth, Wind & Hearth’s “September” on the ceremony—a request Lukenas had made throughout his army profession within the occasion of his loss of life throughout a mission. “It was a touching second,” one attendee informed The New York Put up, including that Howe’s presence was famous by many.
Wall Avenue’s Poisonous Tradition Underneath Hearth
Lukenas’ loss of life has intensified the highlight on Wall Avenue’s infamous work tradition, significantly in demanding sectors like funding banking. Regardless of an absence of direct proof linking Lukenas’ loss of life to overwork, many colleagues and members of the family consider his excessive hours contributed to the deadly blood clot. “I do not suppose any particular person ought to work these hours and carry that stress,” one member of the family informed The Put up.
In response, BofA and different main banks, together with JPMorgan Chase, have begun implementing reforms to scale back burnout. BofA now requires junior bankers to report their hours day by day as a substitute of weekly and has reintroduced the 80-hour workweek restrict. However, some experts are sceptical about the lasting impact of these changes. “You possibly can monitor hours and promise days off, however on the finish of the day, if there’s work to be finished and a senior banker expects it, that work will get finished,” a finance professor informed IBTimes.
Will There Be Significant Change?
The tragedy of Lukenas’ loss of life has sparked requires long-overdue reforms within the finance trade, however whether or not these adjustments will final stays unsure. Regardless of the extraordinary scrutiny and criticism, Gary Howe’s continued presence at BofA serves as a reminder of Wall Avenue’s deep-seated tradition of overwork and the reluctance of senior administration to implement actual change. Because the trade grapples with the implications of Lukenas’ loss of life, solely time will inform if these reforms will stop future tragedies.
