BofA Banker Whose Death Rocked Wall Street Was Looking for a New Job and Was Willing to Take a Lower Salary for Better Hours, Recruiter Says: Report - Latest Global News

BofA Banker Whose Death Rocked Wall Street Was Looking for a New Job and Was Willing to Take a Lower Salary for Better Hours, Recruiter Says: Report

Leo Lukenas III was an investment banker at Bank of America.Spencer Platt/Getty Images

  • The Bank of America banker who died on May 2 wanted a better work-life balance, a recruiter told Reuters.

  • The recruiter said he had been in contact with Leo Lukenas III about a new job before his death.

  • Lukenas said he worked more than 100 hours a week, the recruiter said.

The Bank of America banker whose death this month renewed concerns about grueling working conditions on Wall Street was looking for a new job with a better work-life balance, an executive recruiter told Reuters.

Leo Lukenas III, a 35-year Army veteran, became an investment banking associate at Bank of America last year, where he worked on transactions for financial services companies.

He died on May 2nd. Reuters reported that the New York Office of the Chief Medical Examiner considered the cause of death to be “acute coronary artery thrombus,” which leads to blood clots in the heart. The coroner’s report made no connection between Lukenas’ working conditions and his death.

A new report from Reuters published on Wednesday raises further questions about the hours Lukenas may have spent leading up to his untimely death.

Douglas Walters, a senior recruiter and managing partner at GrayFox Recruitment, told Reuters in an interview that he had been in contact with Lukenas in the months before his death and that the banker was looking for a job with better hours. Walters said Lukenas told him he worked more than 100 hours a week at Bank of America.

According to Walters’ interview with Reuters, Lukenas was even willing to take a pay cut to work at a boutique investment bank as long as the hours were better. The recruiter declined to reveal the name of the company. “He made a comment like, ‘Hey, I’m trading hours of sleep for a 10% pay cut,'” Walters told Reuters.

Walters said he helped Lukenas put together his application for that company. He also told the outlet that Lukenas asked if it was normal to work 110-hour weeks. Walters said he told Lukenas that was excessive, even by Wall Street standards.

Walters did not respond to requests for comment sent by BI via LinkedIn on Wednesday and GrayFox Recruitment could not be reached. GrayFox says it serves companies in the areas of investment banking, private equity and corporate mergers and acquisitions.

Bank of America did not immediately respond to a request for comment from BI. In an email to BI last week, a spokesman for the bank said: “We are very saddened by the loss of our teammate. “We remain focused on doing everything we can to support the family and our team, especially those who have worked closely with him.”

Current and former investment bankers told Business Insider after Lukenas’ death that his death had dominated the industry conversation and raised concerns within the company and the investment banking sector – a pressure cooker company known for its stressful work culture and often crushing demands is known to young professionals.

Before Lukenas’ death, he was involved in deal work related to UMB’s $2 billion all-stock acquisition of Heartland Financial USA – a transaction announced in late April. Last week, nonprofit organization 51 Vets launched a fundraiser for the Lukenas family that has raised more than $380,000 of its $1 million goal.

Are you a Bank of America or Wall Street employee with details to share? Contact these reporters. Reed Alexander can be reached by email at [email protected]or text/the encrypted app Signal at 561-247-5758.

Read the original article on Business Insider

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