Leo Lukenas III, a former Green Beret who made the challenging transition to investment banking, tragically passed away in May at just 35 years old. Lukenas, who had been working 100-hour weeks at Bank of America (BofA), died from "acute coronary artery thrombus"—a fatal blood clot in the heart. His death has sparked outrage over the gruelling work culture at Wall Street firms and raised questions about his boss, Gary Howe, the head of BofA's Financial Institutions Group (FIG). Despite the intense scrutiny, Howe remains employed at the bank, prompting the question: Why hasn't he been fired?
Intense Work Conditions Under Gary Howe
Gary Howe, 54, is known for pushing junior bankers to their limits, often well beyond the bank's stated policies. Lukenas had joined BofA in March 2023 and was working on the high-pressure $2 billion UMB Financial merger at the time of his death. According to colleagues, Lukenas expressed frustration with the long hours, even contemplating a 10% pay cut for more sleep. "He made a comment saying, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" recruiter Douglas Walters told Reuters.
Howe had a reputation for not strictly enforcing the 80-hour workweek cap for junior bankers, which has been in place at BofA since the death of a 21-year-old intern in 2013. Instead, Howe pushed Lukenas and others to work up to 100-hour weeks, according to IBTimes. One junior banker said of Lukenas' death, "What we all would want is some acknowledgement about what happened, and at least start having those conversations about how they can make junior bankers' work life much better because it's been long overdue."
Why Isn't Howe Fired?
Despite the outcry following Lukenas' death, Gary Howe has not faced termination. Instead, in August 2024, he was stripped of his oversight of BofA's lucrative FinTech investment banking team, which many viewed as a demotion. "This was a power move against Gary," a source told The New York Post. However, Howe remains a senior executive at the bank, a reflection of BofA's culture of demotions over outright dismissals.
CEO Brian Moynihan is known for handling internal conflicts with demotions or pay cuts rather than firings. "Bank of America doesn't fire people," a former BofA executive told The Post. "There will be a title change, a drop in pay. I don't think Gary will be there in six months."
Some experts believe BofA's reluctance to fire Howe could be an attempt to avoid legal complications tied to Lukenas' death. "I'm sure an investigation was done internally," said labour lawyer Tavir Rahman. "I could see him being the fall guy."
Howe Deletes LinkedIn and Attends Lukenas' Funeral
In the wake of Lukenas' death, Gary Howe deleted his LinkedIn profile, fuelling speculation about his future at BofA. Howe's withdrawal from the public eye occurred shortly after Lukenas' passing, further raising questions about his role in the tragedy. Nevertheless, Howe remains in his position, with BofA's global corporate and investment banking chief, Matthew Koder, defending him: "Gary has our full support as leader of our Global Financial Institutions Investment Banking group, and we continue to invest in this leading franchise," Koder told The New York Post.
Despite the controversy, Howe attended Lukenas' funeral alongside about 50 BofA employees, including other senior executives. The service was held at Fort Liberty (formerly Fort Bragg), the US Army base where Lukenas had served as a Green Beret. Army officials played Earth, Wind & Fire's "September" at the ceremony—a request Lukenas had made during his military career in the event of his death during a mission. "It was a touching moment," one attendee told The New York Post, adding that Howe's presence was noted by many.
Wall Street's Toxic Culture Under Fire
Lukenas' death has intensified the spotlight on Wall Street's notorious work culture, particularly in demanding sectors like investment banking. Despite a lack of direct evidence linking Lukenas' death to overwork, many colleagues and family members believe his extreme hours contributed to the fatal blood clot. "I don't think any person should work those hours and carry that stress," one family member told The Post.
In response, BofA and other major banks, including JPMorgan Chase, have begun implementing reforms to reduce burnout. BofA now requires junior bankers to report their hours daily instead of weekly and has reintroduced the 80-hour workweek limit. However, some experts are sceptical about the lasting impact of these changes. "You can track hours and promise days off, but at the end of the day, if there's work to be done and a senior banker expects it, that work will get done," a finance professor told IBTimes.
Will There Be Meaningful Change?
The tragedy of Lukenas' death has sparked calls for long-overdue reforms in the finance industry, but whether these changes will last remains uncertain. Despite the intense scrutiny and criticism, Gary Howe's continued presence at BofA serves as a reminder of Wall Street's deep-seated culture of overwork and the reluctance of senior management to enforce real change. As the industry grapples with the consequences of Lukenas' death, only time will tell if these reforms will prevent future tragedies.
