BBG: Jefferies 28-Year-Old Technology Banker Carter McIntosh Dies
An associate in the technology group at Jefferies Financial Group Inc. has died at the age of 28.
Carter McIntosh, who was an investment banker based in Dallas, has passed away, the investment bank said in a memo to staff Tuesday. The cause of death is still unknown and authorities are investigating the situation, according to people familiar with the matter.
He was not in the office when he died, the people said, asking not to be identified discussing private information.
“It is with tremendous sadness that we report we learned yesterday that Carter McIntosh, one of our talented associates in Dallas, has passed away,” Chief Executive Officer Rich Handler and President Brian Friedman said in the memo. “We are in touch with Carter’s family, who know we stand ready to support them in any way we can,” they wrote.
A representative for Jefferies declined to comment beyond the memo.
McIntosh reported to Lawrence Chu, the bank’s global head of telecommunications, the people said. Jefferies had been building out its presence in Dallas where the firm now has about 50 employees.
McIntosh joined the bank in 2023, according to his LinkedIn profile. He previously worked at firms including Moelis & Co. and Goldman Sachs Group Inc. as an analyst. He graduated from New Jersey-based Seton Hall University in 2018, his profile shows.
The sudden death of Bank of America Corp. investment banking associate Leo Lukenas in May last year triggered discussions within the industry about the demanding culture at Wall Street lenders. Though authorities attributed Lukenas’ death to natural causes, social media posts vented about long hours in banking. Shortly after, Adnan Deumic, a credit portfolio and algorithmic trader also at Bank of America, suddenly passed away at 25.
Swelling workloads and 100-hour work weeks, which had become a common practice, caused some banks to change the way they were tracking when trainees and young bankers are staffed on projects. Bank of America launched a new internal platform to closely monitor individual workloads and JPMorgan Chase & Co. capped hours for its junior bankers.
Jefferies said in its memo that support such as mental health counseling is available for any employees that seek it.
He probably thought Jefferies would have a better WLB than GS or Moelis as well. So horrifying – can't escape it
The senior team also came from Moelis
Article updated with:
Are they trying to imply by the mental health counselling blurb that rather than this being an overworked to death scenario, he in fact chose to commit suicide due to depression / personal mental health issues?
No. It's standard to offer people counselling when people they work next to dies.
Happens in schools too.
Senior on his team caused or largely attributed to ~90% of the horror stories you'd read about Moelis NY in years prior
Prior generalist pools avoided telecom like the plague
same story at jefferies for the TMT pool
LC or NB?
Both
.
Lawrence Chu
RIP !
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