Banker At US Firm Hospitalised With Pancreatic Failure After 110-Hour Workweek

The demanding culture on Wall Street often leads to unrealistic working hours and a decline in work-life balance. Long hours, high stress, and intense pressure can take a toll on employees' physical and mental health. Recently, junior employees at Robert W. Baird, a Midwestern investment bank, alleged they were forced to work 110-hour weeks, resulting in extreme burnout and serious health issues, including two hospitalisations. As per The Wall Street Journal, one employee suffered a pancreatic failure, highlighting the severe toll of intense work demands. The bankers claimed that they were assigned 20-hour workdays and faced criticism if they left their desks after working all night.

A former Baird banker anonymously posted on Wall Street Oasis, a popular finance forum, that analysts and associates are treated poorly, likening their experience to being viewed as "scum". Hundreds of anonymous Baird employees shared similar stories of mistreatment, corroborating the original post.

Reports revealed severe health consequences for employees due to the demanding work environment. Two former members of the industrials team were hospitalised after prolonged periods of intense work, while another employee suffered pancreas failure, which doctors attributed to consistently working 20-hour days. 

According to the Journal, a banker's health issues led to a second hospital visit, and shortly after, they were terminated, allegedly due to low productivity. In another incident, a former analyst faced reprimand for stepping away from his desk after an all-night work session, with his manager demanding he request permission even for short breaks.

In response to the viral post, the management held a town hall meeting for the industrials team, inviting junior bankers to share their concerns. However, former employees claimed that despite the 80-hour weekly cap, their bosses regularly disregarded this rule, continuing to demand excessive work hours from junior staff.

A turning point came when junior bankers were called to a pizza gathering in Chicago, expecting a reward for their hard work on multiple deals. However, the meeting took an unexpected turn when managers criticised their efficiency, implying they needed to do more despite already working extensive hours.

Some current junior bankers at Baird reportedly view their demanding work conditions as industry standard, accepting them as normal. Meanwhile, some former employees were often hesitant to speak up, fearing they'd be seen as weak or criticised by senior staff who had endured similar or harsher conditions in their careers.

The report comes after recent incidents where junior bankers faced severe consequences due to excessive work hours. Notably, two cases involved the deaths of Carter McIntosh from Jefferies and Leo Lukenas, a 35-year-old former Bank of America analyst, who were reportedly working over 100 hours per week.