Two major banks to make big changes after death of Green Beret financier Leo Lukenas who worked 100-hour weeks
Two of Wall Streets largest banks will crack down on the number of hours junior bankers work after the sudden death of a 35-year-old who logged 100-hour weeks, it has been reported.
Two of Wall Streets largest banks will crack down on the number of hours junior bankers work after the sudden death of a 35-year-old who logged 100-hour weeks, it has been reported.
Bank of America is introducing a timekeeping tool that requires employees to specify how their time is spent, according to The Wall Street Journal.
And JP Morgan is set to cap junior bankers work hours at 80 per week but with certain exceptions such as when there is a live deal, The Journal has reported.
It comes after concerns were raised inside Bank of America following the death of former Green Beret Leo Lukenas III on May 2.
The 35-year-old was just one year into a grueling investment banking job where associates said they work 100-hour weeks.
Former Green Beret Leo Lukenas III died on May 2 just one year into a grueling investment banking job
Bank of America is introducing a timekeeping tool that requires employees to specify how their time is spent (stock photo)
Former Green Beret and investment banker at Bank of America Leo Lukenas III is survived by his wife and two children (pictured as a family)
The father of two and former member of the Armys Special Forces died of acute coronary artery thrombus, - a disease that causes the formation of a blood clot inside a blood vessel of the heart.
Bank of Americas new timekeeping tool is due to go live next week but the bank has said it was already being developed when Mr Lukenass died earlier this year.
Under the new rules, junior banks will be required to input their hours daily rather than weekly.
According to The Journal, they will also be asked to specify what deals they are working on and will be able to rate on a scale of 1 to 4 their capacity for more work.
At JP Morgan, junior staff are already obligated to input their hours on time sheets.
They are also entitled to a weekend off work every three months and cant be called into the office from 6pm on Fridays to noon on Saturdays.
Current and former investment bankers raised concerns about working conditions following Lukenass death.
At JP Morgan, junior staff are already obligated to input their hours on time sheets (stock photo)
Mr Lukenas is survived by his parents, wife and twin brother Les, who is also a Green Beret
Former Green Beret and Bank of America investment banker Leo Lukenas pictured with his mother
One junior banker at Bank of America told Business Insider: I think what we all would want is some acknowledgement about what happened, and at least not completely dismiss the fact that it could have been work-related.
And to at least just start having those conversations as to how they can make junior bankers work life much better because its been long overdue. And I believe that, if anything, its gotten worse.
Lukenas was part of the financial institutions group (FIG) team that advises bank clients on deals, according to a source familiar with the situation.
A former banker at Bank of America also told Business Insider he quit last year after a period of time where he regularly worked 100-hour weeks while receiving no support for exhaustion or burnout.
They said: It got to a point where I would wake up and immediately feel like I needed to throw up... My mental health was really bad. I felt very unsupported by my team.
Bank of America previously said our focus is on doing whatever we can to support the family and our team, who is devastated.
Originally from California, Mr Lukenas started at the bank through the Veteran Associate Program.
Lukenas served as a Green Beret for a decade, according to his family
Lukenas married his wife in 2015 in a wedding in Florida
On LinkedIn, he described himself as an Investment banking associate leveraging a decade of experience as a Green Beret leading high-performing teams in volatile, complex, and ambiguous environments.
Lukenass stepmother told DailyMail.com the family was devastated by the loss.
He is survived by his parents, wife, son and daughter, and twin brother Les, who is also a Green Beret.
Les wrote on LinkedIn: It is with profound sorrow that I share the passing of my identical twin brother. Leo was a remarkable individual whose kindness, strength, and spirit touched the lives of everyone he met.
I am grateful for the 35 years we spent together, side by side, from playing junior golf to earning our Green Berets. I hope his memory will forever be cherished, and his legacy will continue to inspire.
Dailymail.com has contacted Bank of America and JP Morgan for comment.
