Ex-Green Beret Grew to became US Banker Dies After Working 100-Hours Weekly, Who Is His Boss And Why Is now not He Fired Yet?

Leo Lukenas III, a feeble Green Beret who made the stressful transition to investment banking, tragically passed away in Would possibly perchance well perchance perchance at staunch 35 years feeble. Lukenas, who had been working 100-hour weeks at Bank of The usa (BofA), died from “acute coronary artery thrombus”—a deadly blood clot in the heart. His loss of life has sparked outrage over the gruelling work tradition at Wall Road corporations and raised questions about his boss, Gary Howe, the head of BofA’s Monetary Establishments Community (FIG). Regardless of the unparalleled scrutiny, Howe remains employed at the bank, prompting the query: Why hasn’t he been fired?

Intense Work Prerequisites Below Gary Howe

Gary Howe, 54, is smartly-known for pushing junior bankers to their limits, assuredly smartly beyond the bank’s mentioned insurance policies. Lukenas had joined BofA in March 2023 and became once working on the excessive-rigidity $2 billion UMB Monetary merger at the time of his loss of life. Basically based on colleagues, Lukenas expressed frustration with the lengthy hours, even contemplating a 10% pay lower for more sleep. “He made a comment saying, ‘Hey, I’ll trade hours of sleep for a 10% (pay) cut,'” recruiter Douglas Walters instructed Reuters.

Howe had a repute for now not strictly enforcing the 80-hour workweek cap for junior bankers, which has been in web site at BofA for the reason that loss of life of a 21-year-feeble intern in 2013. Instead, Howe pushed Lukenas and others to work up to 100-hour weeks, in maintaining with IBTimes. One junior banker mentioned of Lukenas’ loss of life, “What we all would want is some acknowledgement about what happened, and at least start having those conversations about how they can make junior bankers’ work life much better because it’s been long overdue.”

Why Is now not Howe Fired?

Regardless of the outcry following Lukenas’ loss of life, Gary Howe has now not faced termination. Instead, in August 2024, he became once stripped of his oversight of BofA’s lucrative FinTech investment banking team, which many considered as a demotion. “This was a power move against Gary,” a offer instructed The Fresh York Post. On the opposite hand, Howe remains a senior executive at the bank, a reflection of BofA’s tradition of demotions over outright dismissals.

CEO Brian Moynihan is smartly-known for handling internal conflicts with demotions or pay cuts in wish to firings. “Bank of America doesn’t fire people,” a feeble BofA executive instructed The Post. “There will be a title change, a drop in pay. I don’t think Gary will be there in six months.”

Some experts imagine BofA’s reluctance to fireplace Howe will be an strive to defend faraway from correct concerns tied to Lukenas’ loss of life. “I’m sure an investigation was done internally,” mentioned labour authorized skilled Tavir Rahman. “I could see him being the fall guy.”

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 final public note occurred shortly after Lukenas’ passing, extra raising questions about his role in the tragedy. On the opposite hand, Howe remains in his dilemma, with BofA’s international corporate and investment banking chief, Matthew Koder, defending him: “Gary has our full support as leader of our Global Financial Institutions Investment Banking group, and we continue to invest in this leading franchise,” Koder instructed The Fresh York Post.

Regardless of the controversy, Howe attended Lukenas’ funeral alongside about 50 BofA staff, including varied senior executives. The provider became once held at Castle Liberty (previously Castle Bragg), the US Military noxious where Lukenas had served as a Green Beret. Military officials played Earth, Wind & Fireplace’s “September” at the ceremony—a search files from Lukenas had made for the length of his defense power occupation in the occasion of his loss of life for the length of a mission. “It was a touching moment,” one attendee instructed The Fresh York Post, including that Howe’s presence became once favorite by many.

Wall Road’s Toxic Culture Below Fireplace

Lukenas’ loss of life has intensified the highlight on Wall Road’s infamous work tradition, in particular in stressful sectors like investment banking. Regardless of a lack of pronounce proof linking Lukenas’ loss of life to overwork, many colleagues and family participants imagine his excessive hours contributed to the deadly blood clot. “I don’t think any person should work those hours and carry that stress,” one family member instructed The Post.

In response, BofA and varied main banks, including JPMorgan Scramble, occupy begun enforcing reforms to crop burnout. BofA now requires junior bankers to chronicle their hours day to day in wish to weekly and has reintroduced the 80-hour workweek restrict. On the opposite hand, some experts are sceptical in regards to the lasting impact of these adjustments. “You can track hours and promise days off, but at the end of the day, if there’s work to be done and a senior banker expects it, that work will get done,” a finance professor instructed IBTimes.

Will There Be Vital Commerce?

The tragedy of Lukenas’ loss of life has sparked requires lengthy-leisurely reforms in the finance commerce, however whether these adjustments will final remains perilous. Regardless of the unparalleled scrutiny and criticism, Gary Howe’s continued presence at BofA serves as a reminder of Wall Road’s deep-seated tradition of overwork and the reluctance of senior administration to assign in power right substitute. As the commerce grapples with the implications of Lukenas’ loss of life, only time will expose if these reforms will prevent future tragedies.