A former Green Beret died just one year into a grueling investment banking job at Bank of America, where associates say they work 100-hour weeks that leave them feeling sick.
Leo Lukenas III, 35, in New York City on Thursday from ‘acute coronary artery thrombus, – a disease that causes the formation of a blood clot inside a blood vessel of the heart.
The father of two and former member of the Army’s Special Forces moved to banking last summer in an attempt to ‘pursue new opportunities for his family,’ according to his loved ones.
The Brooklyn resident had reportedly recently worked on UMB’S $2billion deal acquisition of Heartland Financial USA, Inc.
But, while his death was officially attributed to ‘natural causes,’ it has sparked claims from Wall Street workers who say the industry’s conditions are unsustainable, particularly when ironing out a big deal.
Former Green Beret and investment banker at Bank of America Leo Lukenas III, 35, died on Thursday. He is survived by his wife and two children
Lukenas is survived by his parents, wife and twin brother Les, who is also a Green Beret
Lukenas is pictured with his mother
Current and former investment bankers told Business Insider that Lukena’s death has prompted concern inside BoA and particularly among the junior ranks.
One junior banker at BoA said of Lukenas’ death: ‘I think what we all would want is some acknowledgement about what happened, and at least not completely dismiss the fact that it could have been work-related.
Lukenas’ stepmother told DailyMail.com the family was ‘devastated’ by the loss
‘And to at least just start having those conversations as to how they can make junior bankers work life much better because it’s been long overdue. And I believe that, if anything, it’s gotten worse.’
Lukenas was part of the financial institutions group (FIG) team that advises bank clients on deals, according to a source familiar with the situation.
Insider told BI the FIG team is particularly grueling and recent departures had added work to those who stayed.
The current BoA banker said there have been meetings following Lukenas’ death about the possibility of reducing hours and more opportunities to work from home.
A former banker at BoA told BI he quit last year after a period of time where he regularly worked 100-hour weeks while receiving no support for exhaustion or burnout.
They said: ‘It got to a point where I would wake up and immediately feel like I needed to throw up… My mental health was really bad. I felt very unsupported by my team.’
Bank of America previously said ‘our focus is on doing whatever we can to support the family and our team, who is devastated.’
The bank is also paying for any staff to attend the late banker’s funeral, it said.
Lukenas served as a Green Beret for a decade, according to his family
A donation page was opened in honor on Tuesday with a goal of $1,000,000. He is seen with his mother and brother
A spokesperson for Bank of America declined to comment on this story when contacted on Wednesday.
Former banker Christopher Perkins, cofounder of Veterans on Wall Street, has called for an investigation into Lukenas’ death.
‘We are mobilizing the veterans’ community to assist his family,’ he wrote on LinkedIn.
‘We are also watching you, Bank of America and expect a transparent third party investigation, absolute accountability, and full support of his family.’
Originally from California, he started at the bank through the Veteran Associate Program.
On LinkedIn, he described himself as an ‘Investment banking associate leveraging a decade of experience as a Green Beret leading high-performing teams in volatile, complex, and ambiguous environments.’
Lukenas’ stepmother told DailyMail.com the family was ‘devastated’ by the loss.
He is survived by his parents, wife, son and daughter, and twin brother Les, who is also a Green Beret.
Les wrote on LinkedIn: ‘It is with profound sorrow that I share the passing of my identical twin brother. Leo was a remarkable individual whose kindness, strength, and spirit touched the lives of everyone he met.
Lukenas married his wife in 2015 in a wedding in Florida
Les and Leo Lukena are pictured above. Both served as Green Berets
‘I am grateful for the 35 years we spent together, side by side, from playing junior golf to earning our Green Berets. I hope his memory will forever be cherished, and his legacy will continue to inspire.’
A donation page was opened by the nonprofit group 51 Vets in honor on Tuesday with a goal of $1,000,000.
The page reads: ‘Leo Lukenas was a son, brother, husband, Green Beret, and most importantly, a father.
‘He spent over a decade in Army Special Operations, deploying multiple times with 1st Special Forces Group.
‘Leo was dedicated to everything he did, never settling for good enough. He always set the example and held himself to the highest standards, prioritizing the team and mission success over himself. With the heart of a lion, Leo always fought to defend what was right.
‘Leo transitioned out of the military to pursue new opportunities for his family. Now, in remembrance of Leo, it’s our duty to support his family just like he would have done for all of us.’