Junior banker made to work 110-hours every week, diagnosed with failed pancreas

An investment bank in the United States forced junior employees to work about 110 hours every week, resulting in at least two people being hospitalised, including one who was diagnosed with a failed pancreas, according to a report in the Wall Street Journal.

The allegations stem from within the industrials group at Robert W. Baird, a Milwaukee-based financial services firm known for its low-profile culture.

However, behind the scenes, working for more than 110 hours a week was not unusual, former employees of the firm said, adding that managers would regularly get exemptions for the firm’s required Saturdays off.

More than a dozen junior team members at the firm have left since the start of 2024, including several this year, the Wall Street Journal reported, citing people familiar with the team.

Two people ended up going to the hospital after long stretches of work, including one who had raised concerns with human resources that the workload was unsustainable.

The banker was subsequently diagnosed with a failed pancreas after collapsing at home from exhaustion. He was later fired because of poor productivity, not long after he had make a second visit to the emergency room. Doctors linked his condition to extreme overwork.

One other former analyst recalled spending a year on a single drawn-out deal, often pulling all-nighters to prepare pitch materials. But one evening, when he left his desk for 25 minutes to get dinner, his infuriated manager told him not to step away for more than five minutes without notice.

The situation at Baird came under intense public scrutiny earlier this month after a post detailing the group’s conditions went viral on Wall Street Oasis, a popular online forum for finance professionals.

The anonymous author wrote that junior staff were “treated as scum,” prompting hundreds of comments from users who shared similar experiences at Baird and other firms, according to the report.

In response, senior leaders held a town hall and urged junior staff to voice their concerns. While some said they appreciated the gesture, others felt little would change.

In recent years, two junior bankers – Carter McIntosh of Jefferies and former Bank of America analyst Leo Lukenas – died after they were made to work as much as 100 hours per week, according to the New York Post.