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A senior executive at Bank of America has been stripped of key responsibilities, months after the death of a junior banker raised serious questions about the bank's workplace culture and employee wellbeing.
The death of 35-year-old Leo Lukenas III, who allegedly worked multiple 100-hour weeks before suffering a fatal heart attack, has drawn attention to a culture of high pressure and long hours.
Gary Howe, the head of Bank of America’s Financial Institutions Group (FIG), lost oversight of the FinTech investment banking team in August, just months after Lukenas' death brought the bank’s high-pressure working environment under scrutiny.
Lukenas, a former US Marine and father of two, had been working on a $2 billion merger when he died in May. Though there is no direct evidence linking his death to his workload, the intense hours he logged have led many to question the bank’s treatment of its junior employees.
The incident has reignited concerns about worker death in highly competitive sectors like banking, where young professionals often face punishing schedules.
Workplace wellbeing concerns
Bank of America has been under pressure to demonstrate that it is taking steps to improve workplace wellbeing, especially in light of past incidents. In 2013, a 21-year-old intern at the bank died after working for 72 hours straight, leading to the implementation of new rules aimed at curbing excessive working hours.
Despite the measures, junior bankers in the FIG unit under Howe’s leadership reportedly continued to work long, gruelling hours, raising questions about how effectively the bank enforced its own policies.
In the wake of Lukenas’ death, the bank rolled out a new monitoring system requiring junior bankers to log their working hours daily, a step intended to prevent overwork. However, some employees remain skeptical of the changes, with one insider noting, “They are trying to change the culture. We’ll see how long it lasts. If you work past 2 a.m., you have to flag it to the managing directors on the transaction immediately.”
Howe, a high-profile figure within the bank, has not commented publicly on Lukenas’ death or the subsequent reduction of his responsibilities.
Sources close to the matter have suggested, however, that the move to strip Howe of oversight of the FinTech team could be a sign that his position within the bank is weakening.
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“This was a power move against Gary,” one insider said, adding that the restructuring would likely make it harder for Howe to earn a bonus.
Bank of America has not formally disciplined Howe over Lukenas' death, but industry insiders speculate the bank may be distancing itself from him to protect against potential legal action.
Employees under pressure
The high-profile tragedy has also sparked wider discussions about toxic workplace environments in the banking industry and the toll they take on employees' health.
Despite corporations touting workplace wellbeing initiatives, the pressure to perform and the fear of falling behind continues to push many employees to the brink. Lukenas had reportedly expressed concerns about his excessive hours before his death, even joking to a recruiter that he would trade sleep for a 10% pay cut.
The case underscores the challenge banks face in balancing the demands of a competitive industry with the need to protect employee wellbeing. While Bank of America continues to make changes in response to these incidents, the culture of long hours and high stress remains an issue within the financial sector.
