A 28-year-old Jefferies banker who fell sufferer to a suspected drug overdose was working as a lot as 100 hours per week earlier than his demise — at the same time as fellow staffers griped to bosses about punishing workloads, The Put up has realized.
Carter McIntosh, who joined the Wall Road funding financial institution in 2023 after doing stints at Goldman Sachs and Moelis in New York Metropolis, was discovered lifeless in his Dallas condominium on Jan. 27.
A police report cited a “possible overdose” and mentioned officers who discovered the junior banker lifeless on his sofa found “a white powdery substance” together with a “rolled up 100 dollar bill” within the kitchen, The Put up reported solely on Friday.
McIntosh had been prescribed treatment for consideration deficit dysfunction, or ADD, in line with the police report — elevating fears that he might have overdosed on Adderall, a stimulant utilized by Wall Streeters to climate their punishing work days.
“He was a grinder,” a supply mentioned of McIntosh. “He was a really hard worker and he was on a very difficult team in Dallas. They gave him a lot of sh-t.”
A Jefferies insider instructed the Put up that Adderall’s use was widespread on the agency, as at many banks throughout Wall Road the place staffers battle to maintain up with the trade’s brutal schedule.
“Tons of people at the bank take it,” the supply mentioned.
McIntosh’s demise has renewed debate about Wall Road’s brutal work tradition, which was reignited final 12 months by the demise of 35-year-old Financial institution of America banker Leo Lukenas.
The previous Inexperienced Beret died from a blood clot in his coronary heart days after allegedly working 100-hour weeks to shut a serious deal. Whereas there is no such thing as a proof his demise was linked to his work, JPMorgan moved to cap work weeks at 80 hours after the scandal.
Jefferies has no such cap and its hard-driving tradition carried over from the corporate’s Madison Avenue headquarters in Manhattan to the satellite tv for pc workplace in Dallas, in line with a number of sources on the funding financial institution who requested anonymity earlier than talking to The Put up.
They claimed McIntosh and different younger bankers had been pushed to their limits underneath strain to shut megabuck M&A offers.
The California native was on the financial institution’s expertise, media, and telecoms workforce. He reported on to managing director Lawrence Chu and labored carefully on offers with fellow MD Nicholas Brown.
McIntosh “had been worked like a dog” within the weeks earlier than his passing, one of many sources mentioned.
“The guys are kind of ruthless on that team.”
Each Chu and Brown didn’t reply to The Put up’s request for remark, however one Jefferies supply described the 28-year-old hours as “unsustainable.”
One banker, who requested for his or her identification to be withheld amid worry of reprisals, mentioned that some senior tech bankers had been identified to behave “like a bull in a china shop” towards youthful co-workers.
Two Jefferies insiders additionally instructed The Put up that junior workforce members raised issues concerning the grueling hours to senior administration within the month earlier than McIntosh’s demise.
“You are working with increasingly difficult people who are going to give you sh-t no matter what you send them,” one nameless banker alleged.
“These kids are geared towards blaming themselves rather than blaming the system. So they just work harder and sleep less, eat less, and work out less.”
A Jefferies spokesperson mentioned: “This wild speculation needs to end. These statements are simply false. We believe that people are using this tragic incident and twisting it for their own purposes.”
The rep declined to touch upon McIntosh’s schedule or the character of the agency’s working surroundings.
Legislation enforcement officers instructed The Put up that their investigation is ongoing.
An official with the town’s health worker mentioned an post-mortem report had not but been compiled as a result of they had been ready for the outcomes of toxicology exams.
California property data present McIntosh grew up in Rancho Cucamonga, Calif., 40 miles east of Los Angeles, and graduated from the close by all-boys Damien Excessive College in 2014.
McIntosh moved to New Jersey for faculty, graduating in 2018. He joined Jefferies in September 2023 after stints at Goldman Sachs and Moelis, in line with his LinkedIn profile.
His dad and mom and sister nonetheless reside in California. McIntosh’s mom didn’t return a request for remark from The Put up.
Jefferies CEO Wealthy Handler known as McIntosh “a well-liked and respected professional”, including that he “had a joy for life and was so welcoming to everyone.”
The 63-year-old finance titan has been with the agency since 1990, beginning as a dealer. The financial institution’s newest out there proxy assertion from 2024 exhibits that Handler raked in an $18.9 million wage through the earlier 12 months.
The CEO was caught in a clumsy Instagram video at a Miami shopper occasion on the day after McIntosh’s demise. On Feb. 1, he wrote a prolonged notice on X urging youthful staffers to talk up.
“We must appreciate our juniors,” he wrote, insisting that he was “just a phone call away” for individuals who need assistance managing their workloads.
His X profile bio states “be a good person.”
Jefferies lately launched nameless surveys for younger bankers to offer suggestions on the highest executives working above them, sources instructed The Put up.
Two sources acquainted with the scenario mentioned the work surroundings might be notably disturbing owing to the agency’s “onerous” bonus clawback coverage — which forces new employees to return 100% of their profitable windfall in the event that they go away for a rival funding financial institution inside the first 12 months.
The clawback is steadily decreased over time, but it surely solely drops to zero after having labored on the agency for 4 years.
Profitable bankers will, after all, earn extra of these bonuses yearly.
The draconian coverage, written into the corporate’s work contracts, successfully prevents staffers from in search of one other banking job, the sources mentioned. Filings made by Jefferies describe the coverage as “robust.”
“You can never leave unless you are fired,” mentioned one ex-Jefferies banker who was terminated lately. “It’s a tough culture because most of the senior guys are stuck there. Everyone in that firm operates in a state of fear, stress, and uneasiness.”
“I was constantly pushing back on false deadlines,” the supply added. “We are not curing cancers so not everything needs to be done tomorrow.”
One other insider with a deep information of Wall Road recruitment mentioned: “They are in a no-win situation. It’s like being a prisoner. Overall, it’s relatively awful. People are praying to get fired by Jefferies.”
The trade veteran singled out the financial institution’s expertise, media, and telecoms workforce as identified on Wall Road for being “toxic.”
One supply who remains to be with the financial institution is already plotting an exit.
“I’m just trying to survive this job, get it on my resume, and get out of here,” the supply mentioned.
