100-hour weeks and heart palpitations Inside Wall Street's brutal work culture

Published

12 months ago

May 20, 2024

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The tragic death of former Green Beret and Bank of America employee Leo Lukenas III has become a flashpoint of anger over allegedly unrealistic work expectations on Wall Street partly because some bankers say Lukenas’ experience is so similar to their own.

While there is no evidence that job-related stress caused the blood clot that killed 35-year-old Lukenas on May 2, a recent Reuters report that he was talking with a recruiter to find a job with better hours has put a glaring spotlight on the 100-hour work weeks he was said to be juggling before his death.

Multiple Wall Street sources told The Post about scary health issues they claim are related to their high-stress occupation.

There have been incidents where analysts pass out in meetings due to lack of sleep/food, and other times where analysts are hospitalized due to panic attacks and nobody steps in to check in on them, a Bank of America employee alleged.

On Thursday, a second Bank of America employee died.

Adnan Deumic, a 25-year-old London-based trader, was playing in a five-a-side charity soccer tournament with other finance employees when he fell suddenly and was administered CPR, a source with knowledge of the matter said.

While the cause of death is unknown, the source told The Post that cardiac arrest is suspected. There is no known connection between Deumic’s work and his death.

While Deumic worked closer to 60 hours a week than 100, those hours were highly stressful. He was involved in trades worth as much as $1 billion some days despite his lack of experience, the person said.

He probably worked 11 to 12 hours a day and those hours were incredibly intense he didnt have time to get coffee, the source said.

This isn’t the first time bankers have been angry about a colleague’s untimely death, but the current response has prompted more people to speak up, sources said.

Employees are finding vindication and camaraderie in popular financial chat boards on Reddit and WallStreetOasis.com. And popular Instagram accounts like Litquidity and Overheard on Wall Street, with more than a million followers between them, have given airtime to some of the most egregious problems.

One Wall Street Oasis post from an anonymous banker, highlighting a list of demands for employees welfare, recently generated more than 450 comments.

The anonymous banker behind Overheard on Wall Street has spoken with multiple Bank of America employees and shared some of their comments with The Post.

Bank of America has a system called ‘banker diary,’ where junior bankers input their weekly hours. It is supposed to safeguard us from overworking by flagging anyone who inputs more than 80 hours a week, one said. I cannot actually even start to count the number of times I was asked by [managing directors and directors] to lie on my banker diary so that it wouldnt get flagged.

“Our policy is clear and we expect employees to accurately record their hours,” Bank of America said in a statement.

While Wall Street culture varies by firm and department, investment banking the division in which Lukenas worked is notoriously the most grueling. It’s also the most lucrative, where bankers only a year out of college can pull down $200,000 a year, but regularly clock 100-hour work weeks.

It’s a top-down problem, sources most of whom asked for anonymity because they feared repercussions for speaking out said.

VPs do not respect junior peoples time, a managing director sympathetic to younger bankers told The Post. “They will proactively give someone a piece of work at 6 p.m. on a Friday that could have given it to them on Tuesday, but [managers] were distracted.

Mark Moran now runs an investor relations firm Equity Animal, but spent four years working on mergers and acquisitions at Lazard and Centerview Partners.

You typically dont have to get to the office until 10 a.m. and you often dont get any work assigned until the afternoon, he said of many junior employees at large banks But around 5 p.m. or 6 p.m., you often get an assignment and have to stay until 2 p.m. finishing it.

These CEOs love talking about efficiency and productivity but they literally waste their most important asset: Peoples time, one source who left Wall Street after six years told The Post.

Most junior employees, typically referred to as associates, spend just two years on the bottom rung before leaving a firm or getting promoted.

Lukenas, who lived in Brooklyn, had been a Green Beret for more than a decade from 2013 until he joined the bank as an associate last July according to his LinkedIn page. He leaves behind a wife and two young children.

His death came three days after working around 100 hours a week for several weeks in a row, completing a $2 billion merger, according to Reuters.

Those two associate years can reportedly be hell, with employees complaining they have no control over their schedules.

According to a survey conducted by Overheard on Wall Street, junior bankers average just 5 hours of sleep a night.

One source who left investment banking for private equity told The Post that, at her old job, she was so exhausted that she had to rest her eyes in a bathroom stall every few hours just to function.

Sleep deprivation can lead to depression, physical illness and, in some cases, use of drugs like cocaine to stay awake, bankers said.

Hank Medina, who chronicles Wall Street culture on the Instagram account Litquidity, told The Post how, after months of chest pain and heart palpitations when he worked at Jefferies Bank, he finally worked up the courage to ask his manager for time off to see a doctor.

The pain was diagnosed as being caused by incredibly high stress and a lack of sleep,” Medina said.

The week the doctor had me wear a heart monitor, the analyst I was working with told me he also had one [chest pain] happens a lot, Medina said. “The adrenaline from the job was unsustainable.

Another Bank of America source told Overheard on Wall Street: I have led deal calls with clients from a hospital bed before apologizing for the sound of my heart rate monitor in the background. I returned to work after sick leave only to be made to feel guilty for taking time off for my health, when the job is the primary cause for my health issues.

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Over the years, a handful of suicides and deaths have resulted in some reforms. In 2013, after a Bank of America intern in London died of a seizure after working until 6 a.m. for three consecutive days, Goldman Sachs implemented the so-called Saturday rule requiring employees be out of the office and not working between 9 p.m. Friday and 9 a.m. Sunday.

Other firms like JPMorgan and Citi reportedly adopted similar rules but sources told The Post those guidelines are now frequently ignored at some firms.

Wall Street firms including D.E. Shaw, BlackRock and Goldman Sachs offer egg-freezing as a benefit for female employees as a benefit a process that would free them up to work intensely before starting a family.

But, sources say, much of the change is cyclical. When profits are high and there is a talent shortage, banks assuage junior employees by promising to limit meetings or giving them Peloton bikes, as Jefferies has.

But as soon as profits dip, firms are pressured to cut costs, reduce headcount and force more work on fewer employees starting the cycle again.

And some older bankers just aren’t sympathetic.

What happened to [Lukenas] was absolutely tragic, but for junior bankers to leverage is untimely death with the aim of reducing the heavy and intense workload required to be a successful investment banker is inappropriate, one banker who spent two decades on Wall Street told The Post. “Elon Musk works more than 100 hours a week and he hasnt dropped dead.”

Another banker added: If you dont want to do the job, there are three junior people behind you who will take your seat.”

But one former Goldman employee told The Post there’s no excuse for the exhausting workload.

While not working with one’s hands like in a factory, working 100-hour work weeks as a junior financial analyst has similar features to serious labor in being physically demanding and taxing that are under appreciated, Jon Hartley, who is now an economics PhD Candidate studying labor and financial economics at Stanford, told The Post. There’s an overall culture that needs to change which requires both employers and employees to put health and well-being first, above incremental low-productivity hours.

I dont get it because it wouldnt take that much to be a leader and make real change, another longtime Wall Streeter told The Post. Its such an archaic culture.

Entertainment

Police foil bomb plot targeting Lady Gaga’s biggest-ever show on Copacabana beach

Published

1 hour ago

May 4, 2025

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Police foil bomb plot targeting Lady Gaga's biggest-ever show on Copacabana beach

Brazilian police say they foiled a bomb attack planned for a Lady Gaga concert on Rio de Janeiro’s Copacabana beach that attracted an estimated 2.1 million people.

The plot was orchestrated by a group promoting hate speech and the radicalisation of teenagers, including self-harm and violent content as a form of social belonging, according to the Civil Police of Rio de Janeiro, which worked in coordination with the country’s justice ministry.

“The suspects were recruiting participants, including minors, to carry out coordinated attacks using improvised explosives and Molotov cocktails,” the force said.

The justice ministry said the recruiters identified themselves as Gaga’s fans, known as “Little Monsters”.

It said Operation Fake Monster was based on a report by the ministry’s cyber operations lab following a tip-off from Rio state police intelligence, which uncovered digital cells encouraging violent behaviour among teenagers using coded language and extremist symbolism.

Authorities carried out over a dozen search and seizure warrants, and a man described as the group’s leader was arrested in the southern state of Rio Grande do Sul for illegal possession of a firearm, and a teenager was detained in Rio de Janeiro for storing child abuse images.

Gaga’s biggest ever show

Some 500,000 tourists travelled to watch the concert, which was paid for by the city in an attempt to boost the struggling economy.

Saturday night’s two-hour show, which marked Gaga’s biggest ever, marked the first time she had played in Brazil since 2012, having cancelled an appearance at the Rock in Rio festival in 2017 over health issues.

Gaga, who released her seventh studio album, Mayhem, in March, opened with a dramatic, operatic edition of her 2011 track Bloody Mary, before launching into Abracadabra, a recent track.

“Brazil! I missed you. I missed you so much,” she exclaimed, before launching into Poker Face, one of her biggest hits.

The American pop star drew in a similar crowd to Madonna’s in May last year, who performed at the same beach, which is transformed into an enormous dance floor for the shows.

Addressing the crowd in English and through a Portuguese translator, Gaga became emotional as she said: “I’m so honoured to be here with you tonight.

“Tonight we’re making history, but no one makes history alone. Without all of you, the incredible people of Brazil, I wouldn’t have this moment. Thank you for making history with me.

“The people of Brazil are the reason I get to shine today. But of all the things I can thank you for, the one I most am grateful for is this: that you waited for me. You waited more than 10 years for me.”

She said it took so long to come back because she was “healing” and “getting stronger”. The pop sensation cancelled many of her shows in 2017 and 2018 due to her fibromyalgia condition, which can cause pain and fatigue.

It is estimated Gaga’s show will have injected around 600 million reais (£79.9m) into the economy, nearly 30% more than Madonna’s show.

The large-scale free shows are set to continue annually until at least 2028, always taking place in May, which is considered the economy’s “low season”, according to the city’s government.

A hefty security plan was in place, including the presence of 3,300 military and 1,500 police officers, along with 400 military firefighters.

‘A dream come true’

The city has been swarmed with Gaga fans since her arrival on Tuesday, with some even keeping vigil outside of the hotel she has been staying at.

Many arrived at the beach at the crack of dawn on Saturday to secure good spots on the beach, despite the show not starting until 9.45pm.

Ana Lara Folador, who attended with her sister, said it was “a dream come true”, and that Gaga had “really shaped a part of my personality, as a person and an artist”.

Ingrid Serrano, a 30-year-old engineer who made a cross-continent trip from Colombia to Brazil to attend the show, turned up in a T-shirt featuring Lady Gaga’s outlandish costumes over the years.

“I’ve been a 100% fan of Lady Gaga my whole life,” she said, adding the 39-year-old megastar represented “total freedom of expression – being who one wants without shame”.

Matheus Silvestroni, 25, an aspiring DJ and a Gaga fan since the age of 12, endured an eight-hour bus ride from Sao Paulo for the show.

He said it was Gaga who had inspired him to embrace his sexuality and pursue his dream of becoming an artist.

“I was bullied because I was a fat, gay kid, so I was an easy target,” he said. “Gaga was very important because she sent a message that everything was okay with me, I wasn’t a freak, because I was ‘Born This Way’.”

Rio is known for holding massive open-air concerts, with Rod Stewart holding a Guinness World Record for the four million-strong crowd he drew to Copacabana beach in 1994.

Entertainment

John Lithgow on JK Rowling’s trans stance backlash: ‘She’s handled it fairly gracefully’

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1 hour ago

May 4, 2025

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John Lithgow on JK Rowling's trans stance backlash: 'She's handled it fairly gracefully'

John Lithgow is a man well aware of cancel culture and its ability to destroy careers in the blink of an eye.

The Oscar-nominated actor tells Sky News: “It is terrible to be so careful about what you say. Even in an interview like this. It goes into the world, and you can get misconstrued and misrepresented and cancelled in [the click of a finger].”

It’s a theme that runs parallel with his latest work – the stage show Giant – which through the lens of one explosive day in children’s author Roald Dahl‘s life, poses the question, should we look for moral purity in our artists?

The writer of great works including The Witches, Matilda and The BFG, Dahl revolutionised children’s literature with his irreverent approach, inspiring generations of readers and selling hundreds of millions worldwide. But his legacy is conflicted.

Lithgow describes Dahl as “a man with great charm, great wit and literary talent. A man who really cared about children and loved them. But a man who carried a lot of demons.”

Specifically, the play – which explores Palestinian rights versus antisemitism – deals with the fallout from controversial comments the children’s author made over the Israeli invasion of Lebanon in 1982. Its themes couldn’t be more timely.

Lithgow explains: “Things are said in the play that nobody dares to say out loud… But God knows this is a complicated and contradictory issue.”

‘It didn’t start as an idea about Roald Dahl at all’

So controversial are some of the play’s themes, the 79-year-old star admits his own son warned him: “Prepare yourself. There’ll be demonstrations in Sloane Square outside the Royal Court Theatre.”

Indeed, the play’s first run carried an audience warning flagging “antisemitic language; graphic descriptions of violence; emotional discussion of themes including conflict in the Middle East, Israel and Palestine; and strong language”.

But it didn’t put audiences off. Following a sold-out run at the Royal Court, the role won Lithgow an Olivier. Now, it’s transferring to London’s West End.

The play was written by Mark Rosenblatt, a seasoned theatre director but debut playwright.

He tells Sky News: “It didn’t start as an idea about Roald Dahl at all. It was about the blurring of meaningful political discourse with racism, specifically when, in 2018, the inquiry into antisemitism in the Labour Party started to come out.”

Rosenblatt describes Dahl’s Revolting Rhymes and Dirty Beasts as the “wallpaper” of his childhood, and says he had no desire to “smash the Roald Dahl pinata”.

But despite the fond recollections, he was conflicted: “Understanding that [Dahl] also, possibly, didn’t like someone like me because I’m Jewish felt complicated.” It was Rosenblatt’s exploration of “how you hold those two things at the same time” that led to Dahl becoming the play’s focus.

‘He’s not cancelled in our home’

Rosenblatt describes him as “a complex man, capable of great compassion, great passionate defence of oppressed people, and also capable of enormous cruelty and manipulation. He was many things at once”.

And as for Dahl’s place in his life now? Rosenblatt says: “I still read his books to my kids. He’s certainly not cancelled in our home.”

It’s likely that Dahl’s comments, if uttered today, would lead to swift social media condemnation, but writing in a pre-social media age, the judgment over his words came at a much slower pace.

Dahl died in 1990, and his family later apologised for antisemitic remarks he made during his lifetime. But the debate of whether art can be separated from the artist is still very much alive today.

Earlier this month, Lithgow found himself drawn into a different row over artists and their opinions – this time concerning author JK Rowling.

‘A matter of nuance’

Soon to play Dumbledore in the Harry Potter TV series, he has been criticised by some fans for working with the author known for her gender critical beliefs.

Lithgow told Sky News: “It’s a question I’m getting asked constantly. I suppose I should get used to that, but JK Rowling has created an amazing canon of books for kids…

“I have my own feelings on this subject. But I’m certainly not going to hesitate to speak about it. Just because I may disagree… It’s a matter of nuance… I think she’s handled it fairly gracefully.”

The actor ignored calls not to take the role.

He goes on: “Honestly, I’d rather be involved in this than not. And if I’m going to speak on this subject, I’m speaking from inside this project and very much a partner with JK Rowling on it.”

Demanding an eight-year commitment and a move to the UK for the part, the stakes are high.

And with a legion of Harry Potter fans watching on from the wings, only time will tell if the Lithgow-Rowling partnership will prove a magical one.

Giant is playing at the Harold Pinter Theatre in London until Saturday, 2 August.

Entertainment

Lorraine Kelly says she will undergo surgery to remove ovaries

Published

1 hour ago

May 4, 2025

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Lorraine Kelly says she will undergo surgery to remove ovaries

Lorraine Kelly has revealed she is undergoing surgery to remove her ovaries and fallopian tubes.

The 65-year-old TV presenter posted a video of her in a hospital bed on Instagram, and said “I’ve not been feeling all that well for a little while”.

Kelly added she “had a little scan and I have to have my ovaries and my tubes taken out” with keyhole surgery.

She said that the procedure is “purely preventative,” and that “I’m going to be totally fine, see you soon”.

According to the NHS, keyhole surgery – also called laparoscopic surgery – is carried out using several small incisions.

The procedure can take between one and two hours, and doctors recommend staying off work for two to four weeks after the surgery.

In the caption, the ITV presenter wrote she felt “very lucky to be treated so well” and thanked gynaecologist Dr Ahmed Raafat and hospital staff.

Good Morning Britain presenter Susanna Reid said she was “sending you all the love in the world”, while TV presenter Julia Bradbury added: “Wishing you a speedy recovery Lorraine, and good luck with the post op rehab.”

Kelly has been in television since 1984, starting her career on TV-am as an on-screen reporter covering Scottish news.

In 1990, she began her presenting career on Good Morning Britain, before hosting her own show, Lorraine, from 2010.