Intrepid Investment Bankers Suicide
I am writing to bring to WSO’s attention a deeply troubling situation at Intrepid Investment Bankers, a Los Angeles-based investment bank and wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), the seventh largest bank in the world.
Between Thursday, April 24, and Friday, April 25, Benjamin Lee - a recently hired lateral analyst - died by suicide in his Santa Monica apartment. Benjamin had joined Intrepid just two months earlier, on February 21, 2025. In the weeks leading up to his death, he was routinely working past 2 a.m., enduring relentless hours alongside other analysts. At the time, he was staffed on an active pitch and under significant pressure from senior bankers. Fellow analysts confirmed he worked more than 100 hours the week of his passing.
While long hours are expected in investment banking, current employees describe Intrepid as a sweatshop. The firm staffs approximately 12 analysts to support an office of around 100 employees. After missing its budget last year, leadership drastically increased workloads without adding headcount. Analysts report being overwhelmed by repetitive, manual tasks that could easily be automated, and forced to operate within outdated systems - such as a legacy CRM - that collectively add hundreds of hours of inefficiency each year. Management has declined to invest in updated tools or additional support, leaving junior employees to bear the brunt of these decisions.
The day before news of Benjamin’s death surfaced, analysts had already scheduled a meeting with the firm’s CEO to voice urgent concerns over unsustainable hours, lack of meaningful professional development, and the increasingly untenable conditions for junior staff.
Just hours after his passing became known internally, Intrepid removed Benjamin’s profile from its website without any public acknowledgment or statement.
This tragedy casts a harsh light on the extreme and negligent conditions imposed on junior bankers at Intrepid. I’m sharing this in hopes of informing those considering a career at the firm - and encouraging a broader conversation around accountability and industry reform, especially in the wake of Bank of America analyst Leo Lukenas III’s death in March 2024.
This is a deeply concerning and tragic situation that highlights the ongoing challenges within the investment banking industry, particularly for junior staff. Based on the most helpful WSO content, similar incidents have been discussed in the past, shedding light on the grueling hours, high-pressure environments, and lack of adequate support systems that can lead to devastating outcomes.
The case of Benjamin Lee at Intrepid Investment Bankers mirrors other stories of overwork and mental health struggles in the industry. The reported 100+ hour workweeks, lack of automation, and outdated systems only exacerbate the stress and inefficiency faced by analysts. The removal of Benjamin's profile without acknowledgment further underscores the need for greater transparency and accountability from firms.
This tragedy serves as a stark reminder of the importance of prioritizing mental health and sustainable work practices in high-pressure industries. It also calls for systemic changes, such as:
For those considering a career in investment banking, it's crucial to research firm culture and policies thoroughly. Additionally, the broader industry must continue to push for reforms to prevent such tragedies and create a healthier, more sustainable work environment.
Sources: Summer Analyst dies at Lincoln International, Summer Analyst dies at Lincoln International, Death from Overwork (Karōshi) in Finance, "A Son Never Dies" by Sunil Gupta - Moving Letter from a Father of an Ibanking Analyst, "Karōshi": Death from Overwork on Wall Street
Thank you for the input GPT!
Dead analyst!!! I won't stand for this, I am gonna get Chat GPT to say something about it!!!
kinda surprised by the lack of comments here
What is there to be surprised about? People in my generation would rather kill themselves than quit a job that brings them misery? Seems par for the course when you consider the type of pressure high achievers and their peers exact on themselves and each other these days. My heart goes out to this individual's family and colleagues, but if this, the Jefferies death, or the BofA death serve to teach us anything, it's that no job is worth more than your well-being. Some people are "built different" and can work 90-100 hour weeks for long stretches of time, but that does not mean anyone is less of a man or hard worker if they choose not to subject themselves to that.
Good note. The every day stress of trying to get rich can be really overwhelming over a sustained period of time. And if you're the competitive or jealous type (like me), it's even more brutal.
Manifests itself in different ways. I personally fight it, sucks, so much unnecessary pressure (from myself) to be able to afford a big house in a really great neighborhood etc. Slowly beginning to re learn that it's ok if you don't do that. Slow progress, and it's ok to be vulnerable, AND IT'S OK TO NOT HAVE A NET WORTH OVER $5MM YOU CAN LIVE A WONDERFUL HAPPY LIFE.
Sorry felt good to vent.
It's a bank not many people are aware of and, not to downplay things, he was only there for two months. That reads like he was dealing with other issues well before joining. I'm sure the hours didn't help his situation at all and have a lot of sympathy for his family, but it's not quite the same as a veteran and father dying suddenly from a physical issue in the BofA situation.
Strongly disagree - I think it was 100% the hours and abusive working conditions at the firm. “he was only there for two months” is no excuse - I was so depressed and in so much pain my first two months in IB that I had dark thoughts every time I saw a subway train come into the station. For me, the underlying cause wasn’t pre-existing mental health conditions at all… it was my body’s natural reaction as it deteriorated under the abusive conditions and overwork. Human beings weren’t meant to be yelled at while working 100+ hour weeks consecutively - that’s literal torture and when it’s that bad, you don’t think rationally and look for any way out.
Fuck the abusive seniors at intrepid, fuck 100 hour work weeks, fuck seniors creating deadly workloads for no goddamn reason, how many more dead kids are we going to see? This is a rotten fucking industry and the MDs and VPs who kill people need to be held accountable and lose their careers.
Guess the market crashed their confidence too!
Are you really joking about the loss of life?
Cmon man
Rest in peace man
In before the Jefferies CEO blames the analyst.
lol I think he's too busy farming likes in the comment section of an Overheard on Wall Street insta post
This is honestly just frustrating, and kind of sad.
I was talking with someone the other day about how this model just isn’t sustainable anymore. A lot of senior people in banking, especially older MDs, are still stuck in their ways. Outdated systems, repetitive manual work, no real effort to bring in tech that would actually help, and juniors are the ones paying the price for it.
The way I see it, change is coming. Not next year, but over the next decade, for sure. More and more younger folks are gonnaa to leave or start their own leaner, modern boutiques. And those firms are going to win deals, not because they work longer hours, but because they’ve figured out how to work better. Eventually, clients will catch on.
It’s already happening, slowly. A few firms are way ahead of the curve, actually building around efficiency and people. But most of the big players won’t change shit until they start losing deals or talent they can’t replace.
This isn’t just a burnout problem. It’s a long-term business risk. And if leadership keeps dragging their feet, they’re gonna get smoked.
This comment should be posted on the front page of this website. Well said
It's all chatgpt
LA is depressing. Check in on your LA friends.
"active pitch" wut
Rest in peace, I did a 10 page research paper on mental health in high finance for my 215 Research writing last quarter because some firms lack regulation and try to milk each employee literally to death. Mental over Money! dont work at a place that doesn't give a flying fuck about you for some extra money, life is invaluable!! And if you are look for other places or take a break. its not worth.
This is an incredibly sad and troubling situation. The story of Benjamin Lee, who died by suicide just two months after joining Intrepid Investment Bankers, highlights the extreme burnout and lack of support junior analysts often face in investment banking. Working over 100 hours a week, dealing with repetitive manual tasks, outdated systems, and leadership unwilling to invest in automation or additional staff — it all creates a toxic work environment that can cost people their health, or even their lives.
What’s particularly disturbing is that the firm reportedly removed Benjamin’s profile from their website without making any public acknowledgment. This appears to be an attempt to quietly distance the company from the incident rather than taking responsibility or addressing deeper issues.
This tragedy should serve as a wake-up call. The industry must have a serious conversation about sustainable working conditions and accountability. If firms won’t reform internally, perhaps external pressure or regulation is needed. These are human lives, not just budget lines.
Condolences to Benjamin’s family, friends, and colleagues. I hope his story sparks real change and doesn’t get ignored.
What's with the clearly GPT posts on this thread that are just regurgitating the OP?
I am so sad to hear this. Tremendously upsetting.
I reached out to some local news and friends that I know in LA to contact publication and make local authority aware of this. This is not acceptable. A human life was gone. Dead. Done. This is so sad.
Rest in Peace. The company removed his profilefrom the site. The original can be found here
Rest in peace. His original profile which Intrepid has since removed from their site, can be found here.
Removing his profile from the website before the news was public bypasses any excuse they can make.
Rest in peace, this story really hit me hard. Shit gets dark sometimes with this job and I’ve also have had thoughts of suicide or just “wanting everything to end.” Hope for anyone struggling to find peace within themselves either through quitting or doing a job less demanding but healthier for the mind and body. Prestige, money is not worth anything if you’re dead.
I dont understand why he didnt just quit instead of suicide
First of all, rest in peace and condolences to his family.
But why suicide man… killing yourself is never an option, even more so if the hours and culture were the only reasons he did this (I for sure doubt it…).
Guys, if banking is not for you and you feel miserable to a point where you want to end your life, just quit. Please. It is not the end of the world to not work in IB or PE.
Easy for you to say. The exits outside of IB PE HF AM or another adjacent bayside or sell side role are horrible in finance frankly. As someone who recently rage quit (like everyone else is suggesting here as an alternative), will leave you with little to no WLB exits outside of shitty corporate so I feel where this guy was coming from.
Another commenter here asked why the employees could not just quit and walk away from the job that apparently drove them to suicide. I suggest that it's the psychological phenomenon of commitment and consistency which was written about by Robert Cialdini in the book Influence. Once a person commits to something, it's very difficult for that person to change his/her mind, even in the face of obvious harm to him/herself or others.
What specifically causes this behavior by management? I find it difficult to math. Is it lack of FO budget, massive back office bloat that requires front office to secure more business, public company rev growth/value cost cut targets, or a combination of that and more? Maybe i'm just not reading big-law (I'm aware how they're structurally different from ib) news but I don't seem to hear about them dying so often in junior roles despite similar pressures for long hours, what can ib learn from that? Will change only happen when things are legislated or unioned? I ask a few different questions here and would appreciate responses to any of them.
Just putting in my thoughts.
I was a year younger than Ben at Vanderbilt so definitely got to see him throughout the years. I would not say I was a close friend but we crossed paths every so often. He was dedicated to the Vanderbilt Finance community and was super helpful when I was looking at mentorship opportunities.
Where I really got to see him day to day was my junior year because we lived in the same building. He was always out working out, seemed to be enjoying the Nashville weather, so from the outside it seemed like he was at peace.
Just goes to show how IB can create mental problems on its own. From a third point of view he did not look like he was struggling in college at all, I blame Intrepid completely. Keep in mind Ben worked a summer in IB at I believe Cowen and then went full time there and he didn’t end his life there. COMPLETELY INTREPIDS FAULT!
I think ur confusing guys. Ben replaced the guy who summered at cowen
What was even more deranged was when the CEO got everyone on an all-hands call, and proceeded to shout at everyone “if you don’t want to be here, don’t be here” after our colleague took his life.
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