A high-flying younger tech banker with the boutique funding agency Jefferies died over the weekend, sources briefed on the matter have informed The Publish.
Carter McIntosh, 28, joined the financial institution’s Dallas workplace as an affiliate in September 2023, in response to his LinkedIn web page.
“It is with tremendous sadness that we report we learned yesterday that Carter McIntosh, one of our talented associates in Dallas, has passed away,” wrote Jefferies chief government Richard Handler and financial institution president Brian Friedman in a memo seen by The Publish.
“We are in touch with Carter’s family, who know we stand ready to support them in any way we can,” the monetary information company quoted them as saying.
The reason for loss of life stays unknown and remains to be being investigated, a supply aware of the matter informed The Publish, including that McIntosh was not within the workplace on the time of his passing.
A spokesman for Jefferies declined to remark.
Mcintosh beforehand labored at Moelis and Goldman Sachs in New York as an analyst after graduating from Seton Corridor College with a level in finance.
A primary-year analyst who mentioned they labored for Jefferies took to the favored Wall Road Oasis discussion board on Tuesday to argue that the agency’s working tradition “has gotten out of hand” and claiming the financial institution is “horrible right now.”
“Hopefully someone does something to fix this,” the banker wrote. “The firm’s teams are stretched too thin, timelines are increasingly aggressive, and there’s a very noticeable lack of consideration for junior employees quality of life. My friends at other banks can’t believe when they hear what’s going on at Jefferies.”
One other staffer mentioned he had labored with McIntosh at Moelis, calling him “a friend” with “a really great sense of humor.”
Wall Road’s brutal working tradition has been as soon as once more beneath the microscope after the loss of life of Financial institution of America funding banker Leo Lukenas, 35, final yr the place he was reportedly pulling 100-hour weeks within the workplace.
Financial institution of America ultimately moved to arrange a specialised disaster committee to take care of the issue after the Wall Road Journal revealed an expose on the financial institution’s working circumstances.
A Jefferies insider, talking on the situation of anonymity, mentioned the loss of life of Lukenas prompted administration to ask junior bankers to talk up in the event that they felt they have been being overworked.
“The bank wanted to be number one in a safe way,” the supply informed The Publish.
Wall Road large JPMorgan introduced in September that it could cap junior bankers’ hours at 80 hours every week.
However that very same month, Lazard CEO Peter Orszag gave an interview to Carlyle founder-turned-podcaster David Rubenstein wherein he dismissed issues about younger financiers affected by burnout.
“There are many professions where you can’t get around the effort part of it,” the previous Obama administration official informed Bloomberg TV, claiming the monetary providers large creates a “sense of excitement” for its newer hires.
“That’s what we are looking for. That’s the trade-off,” he added, warning potential recruits {that a} high-flying Wall Road profession was not “make-work” — a time period for meaningless jobs created simply to maintain somebody busy.
