BoA to not take any action against Gary Howe (nypost)
Ridiculous and unacceptable
https://nypost.com/2024/05/09/business/wall-stree…
The rep said the bank has no plans to take any action against Howe or to investigate complaints that its junior bankers are forced to put in 100-hour weeks.
“We are very saddened by the loss of our teammate. We continue to focus on doing whatever we can to support the family and our team especially those who worked closely with him,” the BoA spokesperson told The Post.
Howe did not reply to multiple requests for comment.
Garbage industry lol
Someone in the military dies in training and they often fire chain of command if it was preventable
Assuming hours worked were as bad as claimed it probably would take a lawsuit by the family to get actual accountability for this. I would imagine that if the toxic culture can be tied directly to the FIG co-head, it becomes a lot harder for the bank to insulate itself from liability (i.e. blame it on lower level staffer rather than more general corporate culpability) and there is a lot of incentive for BoA to throw it's weight behind management and make this go away. A lot easier to go after a VP staffer or rogue MD in some satellite office than your co-heads.
My thoughts exactly. The only way for BofA to take any accountability is if the family hires a lawyer and takes this to court. Bet the bank is groveling for the family to take some hush money and sign an NDA, so this can be completely swept under the rug.
I’m no lawyer but the family could probably get a lot more by hiring a lawyer and going to court for this, but not sure.
To the future PE partners on this forum please never reply to any BofA pitches!
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