How dream job at bank ended in pancreatic failure for employee: 'Was treated like scum'

A group of junior employees at Robert W. Baird, a Milwaukee-based investment bank, have alleged that they were forced to work gruelling 110-hour weeks, leading to at least two hospitalisations. One employee was reportedly diagnosed with a failed pancreas, according to a Wall Street Journal report.

The junior bankers claimed they were made to work 20-hour days and even faced reprimand for taking breaks after working all night. “As an analyst and associate, you are treated as scum,” wrote one anonymous employee on Wall Street Oasis, a message board frequented by finance professionals. The post went viral earlier this month, prompting hundreds of others to share similar stories of mistreatment.

Two former employees from Baird’s industrials team were reportedly hospitalised due to the intense workload. One of them had already raised concerns with HR before falling ill. In a severe case, a banker suffered pancreas failure, a condition doctors linked directly to the long working hours. After a second hospitalisation, the same employee was fired for what the bank allegedly termed “low productivity.”

Junior bankers die due to 100-hours workweeks

The report comes amid wider concerns over the harsh working conditions faced by young professionals on Wall Street. In recent years, at least two junior bankers, Carter McIntosh of Jefferies and former Bank of America analyst Leo Lukenas, died after reportedly working close to 100 hours a week. McIntosh died of a suspected drug overdose, while Lukenas reportedly succumbed to a blood clot. Lukenas’ death led several banks to introduce tighter regulations, such as hour caps and mandatory time off.

Within Baird, some employees recalled being scolded for taking even short breaks. One former analyst said his manager was angered after he briefly stepped away from his desk following an all-nighter. The manager had told him not to leave for more than five minutes without prior approval.

Following the viral Wall Street Oasis post, the management of the industrials team held a town hall meeting, asking junior staff to speak up about their concerns. However, former employees alleged that managers continued to violate the 80-hour workweek cap that was supposedly in place.

One turning point came during a team meeting in Chicago last year, which was initially thought to be a celebratory pizza gathering after several deals were closed. The tone shifted when managers told the junior staff that they needed to be more efficient — despite already working extensive hours.

While some current junior bankers said the work culture was standard for the industry, others feared speaking up. Former employees said they worried about being seen as weak or being compared to senior staff who would often cite even harsher experiences from their early careers.

The viral discussions also named Aaron Haney, a mid-level banker, as someone who regularly handed out demanding assignments. Haney was terminated after the posts gained attention, though colleagues described him as both hard-working and well-liked.