An investment banking executive has died after allegedly working a 120-hour-a-week shift on a deal in the Financial Institution Group (FIG) sector.
According to Trading View, the bank has released an official statement on the issue relaying their reaction to the news and their plans following the development.
- “Our focus is on doing whatever we can to support the family and our team, who is devastated,” the bank said.
The deceased associate worked with the FIG team whose job description is to advise bank clients on deals.
Reports from social media claimed the associate had a wife and a child and joined the bank through the Veterans program, having previously been a green beret.
Unverified social media posts claimed he worked a 120-hour-a-week shift for four weeks and didn’t sleep, managing to stay awake by drinking energy drinks.
There are also unconfirmed reports on Instagram that he had an existing health issue.
These claims, however, have not been validated and the official cause of death remains unknown. The trending claims that he died of overwork remain speculative.
Relatives of the associate have asked for his name to remain anonymous and not be shared as they continue to grieve his death.
The tragic event follows earlier complaints by junior banking colleagues that they were working 100 hours a week during the pandemic and beyond.
There have been suggestions that working hours for most junior staff have worsened yet again as banks pitch for and execute deals with smaller teams.
In 2013, a Bank of America intern Moritz Erhardt died after having epileptic feet post-working hours. Reports claimed that Erhardt had worked for three days straight without sleep.
Sources across the American banking industry have particularly complained about the FIG sector and how life can be unbelievably harsh.
- “When I worked in a FIG team it was the worst experience of my career,” said one technology banker. “This is largely because working for other bankers as your clients’ sucks,” a source complained.
The death of the investment banking executive has prompted outrage amongst many in the industry who feel working hours are still excessive and banks are not caring enough for junior staff.
It would take some time before the real reason behind the death of the investment banker is uncovered while his death has added much-needed pressure to the fight for reduced work hours in the banking sector.
What to know
- An academic study on banks in 2021 found that the imposition of measures to give juniors at least one day off each week had simply redistributed working hours to weeknights instead.
- Reactions to the death of the investment banker on social media have particularly pointed out how difficult it is to move out of FIG roles in the American banking system with few alternatives available.
