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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.

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Young people may lose benefits if they don’t engage with help from new £820m scheme, government warns

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Young people may lose benefits if they don't engage with help from new £820m scheme, government warns

Young people could lose their right to universal credit if they refuse to engage with help from a new scheme without good reason, the government has warned.

Almost one million will gain from plans to get them off benefits and into the workforce, according to officials.

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Pic: iStock
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Pic: iStock

It comes as the number of young people not in employment, education or training (NEET) has risen by more than a quarter since the COVID pandemic, with around 940,000 16 to 24-year-olds considered as NEET as of September this year, said the Office for National Statistics.

That is an increase of 195,000 in the last two years, mainly driven by increasing sickness and disability rates.

The £820m package includes funding to create 350,000 new workplace opportunities, including training and work experience, which will be offered in industries including construction, hospitality and healthcare.

Around 900,000 people on universal credit will be given a “dedicated work support session”.

That will be followed by four weeks of “intensive support” to help them find work in one of up to six “pathways”, which are: work, work experience, apprenticeships, wider training, learning, or a workplace training programme with a guaranteed interview at the end.

However, Work and Pensions Secretary Pat McFadden has warned that young people could lose some of their benefits if they refuse to engage with the scheme without good reason.

“Doing nothing should not be an option,” he told Sky News’ Sunday Morning with Trevor Phillips.

“If someone just took that attitude, yes, they would then be subject to, you know, the obligations that are already part of the system.”

“What I want to see is young people in the habit of getting up in the morning, doing the right thing, going to work,” he added.

“That experience of that obligation, but also the sense of pride and purpose that comes with having a job.”

Some young people on benefits will be offered job opportunities in construction. Pic: iStock
Image:
Some young people on benefits will be offered job opportunities in construction. Pic: iStock

Read more from Sky News:
Child poverty strategy unveiled – but not everyone’s happy

Universal credit claimants soar by over million in a year

The government says these pathways will be delivered in coordination with employers, while government-backed guaranteed jobs will be provided for up to 55,000 young people from spring 2026, but only in those areas with the highest need.

However, shadow work and pensions secretary Helen Whately, from the Conservatives, said the scheme is “an admission the government has no plan for growth, no plan to create real jobs, and no way of measuring whether any of this money delivers results”.

She told Sky News the proposals are a “classic Labour approach” for tackling youth unemployment.

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Youth jobs plan ‘the wrong answer’

“What we’ve seen today announced by the government is funding the best part of £1bn on work placements, and government-created jobs for young people. That sounds all very well,” she told Sunday Morning with Trevor Phillips.

“But the fact is, and that’s the absurdity of it is, just two weeks ago, we had a budget from the chancellor, which is expected to destroy 200,000 jobs.

“So the problem we have here is a government whose policies are destroying jobs, destroying opportunities for young people, now saying they’re going to spend taxpayers’ money on creating work placements. It’s just simply the wrong answer.”

Ms Whately also said the government needs to tackle people who are unmotivated to work at all, and agreed with Mr McFadden on taking away the right to universal credit if they refuse opportunities to work.

But she said the “main reason” young people are out of work is because “they’re moving on to sickness benefits”.

Ms Whately also pointed to the government’s diminished attempt to slash benefits earlier in the year, where planned welfare cuts were significantly scaled down after opposition from their own MPs.

The funding will also expand youth hubs to help provide advice on writing CVs or seeking training, and also provide housing and mental health support.

Some £34m from the funding will be used to launch a new “Risk of NEET indicator tool”, aimed at identifying those young people who need support before they leave education and become unemployed.

Monitoring of attendance in further education will be bolstered, and automatic enrolment in further education will also be piloted for young people without a place.

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A peace deal isn’t a sure thing, Zelenskyy’s UK visit needs more than a warm welcome

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A peace deal isn't a sure thing, Zelenskyy's UK visit needs more than a warm welcome

Volodymyr Zelenskyy is heading to Downing Street once again, but Prime Minister Sir Keir Starmer will be keen to make this meeting more than just a photo op.

On Monday the PM will welcome not only the Ukrainian president, but also E3 allies France and Germany to discuss the state of the war in Ukraine.

French President Emmanuel Macron and German Chancellor Friedrich Merz will join Sir Keir in showing solidarity and support for Ukraine and its leader, but it’s the update on the peace negotiations that will be the main focus of the meet up.

The four leaders are said to be set to not only discuss those talks between Ukraine, the US and Russia, but also to talk about next steps if a deal were to be reached and what that might look like.

Read more:
Ukraine has become Europe’s war – so why doesn’t it act like it?
Inside a secret underground military base in eastern Ukraine

Ahead of the discussions, Sir Keir spoke with the Dutch leader Dick Schoof where both leaders agreed Ukraine’s defence still needs international support, and that Ukraine’s security is vital to European security.

But while Russia’s war machine shows no signs of abating, a warm welcome and kind words won’t be enough to satisfy the embattled Ukrainian president at a time when Russian drone and missile attacks continue to bombard Kyiv.

More on Sir Keir Starmer

Mr Zelenskyy held a call on Saturday with US President Donald Trump’s special envoy Steve Witkoff and Mr Trump’s son-in-law Jared Kushner.

“The American representatives know the basic Ukrainian positions,” Mr Zelenskyy said in his nightly video address. “The conversation was constructive, although not easy.”

Meanwhile, Mr Trump’s outgoing Ukraine envoy has said a peace deal between Russia and Ukraine is “really close”.

Keith Kellogg, who is due to step down in January, told the Reagan National Defence Forum that efforts to resolve the conflict were in “the last 10 metres”, which he said were always the hardest.

Mr Kellogg pinpointed the future of the Donbas and Ukraine’s Zaporizhzhia nuclear power plant as the two main outstanding issues.

But Russia has signalled that “radical changes” are needed to the US-Ukraine peace plan before it is acceptable to Moscow.

Yuri Ushakov, Russian President Vladimir Putin’s top foreign policy aide, was quoted by Russian media as saying the US would have to “make serious, I would say, radical changes to their papers” on Ukraine.

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Reform UK denies Nigel Farage broke electoral law

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Reform UK denies Nigel Farage broke electoral law

Reform UK has denied claims of Nigel Farage breaking electoral law.

It follows a report in Monday’s The Daily Telegraph that Mr Farage has been referred to the police by a former member of his campaign team over claims he falsified election expenses.

The claims relate to Mr Farage’s campaign in Clacton-on-Sea, the seat he won for Reform UK in the 2024 General Election.

In a statement, a Reform UK spokesperson said: “These inaccurate claims come from a disgruntled former councillor… the party denies breaking electoral law. We look forward to clearing our name.”

According to the Telegraph, the claims have been made by Richard Everett, a former Reform councillor.

It is reported by the Telegraph that Mr Everett has submitted documents to the Metropolitan Police.

Mr Everett was one of four councillors who defected from the Conservatives to Reform UK on the eve of the 2024 General Election campaign.

Sky News has not verified the allegations and the Metropolitan Police and the Electoral Commission are yet to comment.

Both Labour and the Conservatives have called for answers from Mr Farage.

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