This is a dark day for Wall Street.
Please see thread below:
First and foremost please extend a prayer for the associate's family. This is so incredibly fucked and no one deserves to go through this. Secondly, I hope this is a wake-up call for many people in the industry. IB's culture quite frankly, to anyone outside of high finance, is psychotic. No one deserves to have 120 out of the 168 hours in their week be taken away from them for 4 weeks straight. There is a limit. Friendly reminder that no one should be putting their firm above their health- we are expendable and at the end of the day banks don't give a flying fuck about us.
Rest In Peace and God Bless our Troops.
Well said….
No deal is worth creating your own tombstone.
Hm, very poignant
What happened?
Please see thread below:
Xxxxxxxxxxxxxx
^ wondering the same haven't hear of this
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Hopefully with enough media attention the senior bankers themselves will get held responsible. This is tragic
Please message (linkedin) Gillian Tan at bbg
Not to mention at the year end holiday party the group head announced and congratulated the people who received the most Saturday exceptions / 100 hour weeks as if that is something to be admired and strive for. Absolute clowns.
If this is true, that’s crazy… greed does crazy things to people
If anyone is client-side, keep this in mind if you are ever considering giving this team a mandate….
hope that gets brought up in court
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If everything I have read about this situation is true, I am absolutely floored by how something like this was not addressed before something terrible like this happened. So from what I can piece together, basically it seems juniors log hours and then a combination of the group staffer, deal team, HR, group head and group operational leader become aware of terrible hours. Does this mean literally all these people saw this poor guy get this crushed and just did nothing the entire time? At my old firm, you could see junior hours by either their key card swipes at the office or how long their account was logged into the network too so someone had to have tracked that data as well no? I used to work at one of the more sweaty groups on the street and even there people got sent home to catch up on some sleep when they were pushed this far...
Agree. Less than 6 months ago, still as an Associate, I was logging 100-120 hrs per week for a period of 3-4 weeks. All alarms went off at my firm (a “sweatshop” not BAML). Head of my group called me directly to take time off. HR set up a call with deal teams MDs. VPs called me to find a solution: they covered for me not only while I took time off, but for few additional weeks in a specific deal so I would not be back at 100+ hrs after taking time off.
If you are related to the team, I have the contact information to the Yahoo Finance (Reuters) group that would really appreciate speaking to you. They wanted me to act as an intermediary. I don't personally have the reach to make a change in this industry, but you do because to your position and relationship with the associate. I'm doing everything I can to best get the message out, but there still needs to be those with a first hand account to give their insight for the reporters. If not, I completely understand, it is a difficult thing to ask, I only hope that no one has to go through what he did. Please direct message me and I'll relay your information to the reporter. Thank you, I hope you the best no matter your decision.
I hope people who go into the banking world see these things are starting to come together to put a stop to this type of culture.
Since the new class started at BofA FIG, I think 3 - 4 analysts have left already before bonus and everything.
Where did they go?!?!
Knock it off with the death threats, please.
Admit you're VP in the BofA FIG team and you're feeling the heat lmfao
Prayers for the family and friends of the associate who passed
First of all, prayers for this man and his family and loved ones. This situation is absolutely sickening.
For the rest of us, this should be a major wake up call that this industry needs serious change. Things were clearly taken to the extreme over at BofA given the serious incompetence and lack of empathy shown by leadership, but as we all know, this type of BS is present to some extent across the street. We need to use this as an opportunity to draw attention to these types of conditions and push for real change. The fact that a man was worked to his death, in a white collar job, in America, in the 21st century is ludicrous and a case study in everything that’s wrong with this industry and our society’s relationship with work in general.
Let’s make some noise about this at each of our respective banks, let’s push back when we feel our dignity as human beings is being trampled and let’s do everything in our power to ensure this never, ever happens again.
P.S. to any undergrads / MBA students reading these posts. This is the industry, it is that bad and don’t believe anyone that tells you otherwise (especially not recruiters / HR).
Love your point on society’s relationship with work. You should strive to work to love NOT live to work. Undergrad’s and MBA’s: IB isn’t all bonuses and giggles… buyer beware.
Not only that, he had spent 10 years as a Green Beret, now left behind a wife and a kid.
Imagine how the wife feels. They survived years of uncertainty with his military career - whether he was going to come back alive from his deployments. He retired from the military & got a great white collar job - it was supposed to be the happily ever after for his family. Only for him to die there.
Now his wife has to attend a funeral, no BofA SGLI payout. Can't wrap my head around the twisted irony of this.
Absolutely horrible, an investigation needs to happen.
Deleting comments disparaging a deal team who should literally be sued for wrongful death is pathetic - does not even remotely disrespect the family’s privacy, in fact it’s actively censoring. Smh
If this was a factory worker that was worked to death and not IB how would everyone react?
I think we know how this forum would react to that, let alone if they went on strike.
You're on an investment banking / high finance forum.
Probably the same?
100% , but the general public still views Wall Street and bankers as “Evil” little do they know the bonuses have been dog shit and wages are equivalent to working at fucking chipotle for the hours that you work
Why are they censoring the FIG MDs name ?
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How long till they start recruiting for a replacement?
AS: “How did the position become available?”
BofA MD: “Well, a new spot opened up next to Moritz in the local cemetery”
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