A Bank of America executive, known for driving junior bankers hard, has been removed from heading a key money-making division at the bank, following public uproar months after the high-profile death of an overworked junior banker in his unit. Gary Howe, who headed Bank of America's Financial Institutions Group (FIG), had been known to not strictly enforce the 80-hour weekly work limit for his junior bankers.
Among those working under him was Leo Lukenas III, a former Green Beret, who tragically died in May at the age of 35. At the time of his death, Lukenas had been working more than 100 hours a week to finalize a major merger.
Almost a Murderer
In the weeks leading up to his death, Lukenas voiced concerns about his heavy workload and even considered requesting a 10 percent pay cut in exchange for reduced hours and more rest.
Now, Howe, a senior executive at the bank, has lost his control over the division, with some speculating that his departure from the company may be imminent. Howe's boss, CEO and Chair Brian Moynihan, is known for not firing employees directly, instead opting to send a message through demotions.
In August, Howe, 54, was relieved of his oversight of the FinTech investment banking team, a major cutback in his authority. Bank of America tends to handle internal matters discreetly, often through pay cuts or changes in titles rather than outright dismissals, which can make it difficult for executives to remain in their roles long-term.
While no disciplinary action has been taken against Howe, around 50 of the 150 employees in his FinTech unit were reassigned to another group last week, according to Bloomberg.
Lukenas' death has cast a harsh spotlight on the high-pressure environment on Wall Street, sparking a closer examination of Bank of America's guardrails for junior bankers. This has raised questions about whether management ignored the excessive hours their subordinates were putting in.
Inhuman Work Pressure Raises Debate
Legal experts suggest that the bank may be distancing itself from Howe to reduce the risk of legal consequences stemming from Lukenas' death, although there is no solid proof that the junior banker's long work hours were directly responsible.
Lukenas' death, reportedly caused by a fatal blood clot, followed a prolonged period of intense work, with some family members suspecting that the work-related stress may have been a contributing factor.
Howe has not made any public statements about the incident and removed his LinkedIn profile shortly after.
Although his role has been reduced, Matthew Koder, head of global corporate and investment banking, said that Howe remains a respected leader within the FIG group.
"Gary has our full support as leader of our Global Financial Institutions Investment Banking group and we continue to invest in this leading franchise," Koder told the New York Post.
Howe was known for pushing junior bankers to their breaking point, leading to complaints from those under his supervision. Colleagues from his time at UBS criticized his leadership style, particularly the long hours spent on tasks like preparing pitch books for deals that often didn't come to fruition.
At Bank of America, his reputation for being demanding persisted. He pushed his team hard and enforced a much stricter return-to-office policy after the pandemic, requiring employees to be in the office by 9:30 a.m. four days a week.
The change came after a Wall Street Journal investigation revealed that some managers had instructed employees to underreport their working hours and disregard the 80-hour weekly limit, which was introduced over a decade ago and required approval for any exceptions. The rule was originally put in place following the death of an intern who had worked nearly 72 hours without rest.
Despite these guidelines, insiders believe that junior bankers like Lukenas were still working far beyond the recommended hours.
Lukenas, who joined Bank of America in March 2023, lived in Brooklyn with his wife and two young children. A former member of the Army's Special Forces, he had transitioned to banking to "pursue better opportunities for his family," according to those close to him.
Friends and family say Lukenas had expressed frustration over the long hours and the strain it put on his personal life. He had even considered leaving the firm and had been in talks with recruiters about job openings at rival banks. His death came just days after finalizing a $2 billion merger between UMB Financial and Heartland Financial.
Howe, along with about 50 Bank of America employees, including senior executives, attended Lukenas' funeral.
