Why aren’t MDs more worried that someone on their team might actually die?
At my previous bank (London office) a few years ago, we had a VP who was working 110–120 hours a week for nearly 10 weeks straight. We were a small team and everyone could see how badly he was deteriorating, his voice shook on calls, he barely ate and I saw him have what looked like panic attacks more than once. One afternoon he collapsed in the office. Instead of calling an ambulance, the MD told a junior to quietly get him a cab to the hospital. The next day, we were told in a team meeting that he was “just dehydrated.” He was expected to keep working remotely from the hospital, they just removed him from calls with client. A few days later, he was back in the office and got screamed at by the MD in Italian for collapsing mid-deal and “jeopardizing his reputation” (he often screamed in Italian during blowups so the other teams on the floor wouldn’t catch on). Afaik nothing was escalated outside the team as there was no action from the HR. This was a high-performing VP holding a team together with no backup (had only one analyst supporting him most of the time, we were a small team). He was doing everything asked of him, even flew to Milan many times last minute when MD wanted him to and the response from MD after he collapsed was essentially not to bleed on his rug. He left a few months after I did. His LinkedIn hasn’t been updated and I haven’t messaged him because, honestly, I don’t even know what to say and don’t dare to ask how he’s doing. The MD is still there, most juniors left, another VP got transferred to NYC.
Based on the most insightful WSO threads, this situation reflects a deeply ingrained issue in the culture of some investment banks, where the focus on revenue generation and deal execution often overshadows basic human decency and concern for employee well-being. Here are some key takeaways:
Systemic Lack of Incentives for MDs to Care:
MDs are often ranked and compensated based on their ability to bring in revenue, not on their management or leadership skills. This creates a system where there is little incentive for them to prioritize the health and well-being of their teams. As one WSO thread highlights, "banks are structured for MDs to care about sales, not managing people."
Toxic Culture and Fear of Escalation:
The culture in many banks discourages escalation of such incidents. Juniors and even VPs often feel powerless to speak up, fearing retaliation or being labeled as weak. As noted in WSO discussions, "people don't leave jobs, they leave managers," and toxic leadership perpetuates this cycle.
Normalization of Overwork:
Stories of extreme overwork, like the VP working 110–120 hours a week, are unfortunately not uncommon. The expectation to push through at all costs, even when health is at risk, is a recurring theme. As one WSO user put it, "the mentality instilled into junior bankers by the culture is insane."
Lack of Accountability:
Incidents like the one you described, where an MD downplays a serious health issue and even berates the individual, highlight the absence of accountability. HR departments often fail to intervene, either due to lack of awareness or because such behavior is tacitly accepted as part of the job.
Impact on Mental and Physical Health:
The long-term effects of such environments are severe, with many professionals experiencing burnout, mental health struggles, and even physical health crises. As one WSO thread mentions, "stress and lack of sleep exacerbate any underlying health conditions."
This story is a stark reminder of the need for cultural change in the industry. While some firms and leaders are making efforts to address these issues, the pace of change is slow, and the responsibility often falls on individuals to protect their own well-being. Reaching out to the VP you mentioned, even with a simple message of support, could mean more than you realize.
Sources: The Work Always Gets Done, The Work Always Gets Done, Most toxic banks and groups (2023 update)?, How can we do better?, Depressing Moelis & Co. Staffer Email
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