Long hours, excessive stress, and severe pressure can have a negative impact on employees' physical and emotional health. Junior employees at Robert W. Baird, a Midwestern investment bank, recently claimed they were forced to work 110-hour weeks, which caused acute burnout and serious health difficulties, including two hospitalisations. According to The Wall Street Journal, one employee had a pancreatic failure, showing the serious consequences of high labour demands. The bankers claimed they were given 20-hour workdays and were chastised if they left their desks after working all night.
A former Baird banker anonymously commented on Wall Street Oasis, a prominent finance community, claiming analysts and associates are mistreated, comparing their experience to being labelled as "scum." Hundreds of anonymous Baird employees posted similar accounts of mistreatment, supporting the initial post.
Reports revealed that employees' health has suffered significantly as a result of the hard work environment. Two former members of the industrials team were hospitalised following extended periods of intensive work, while another employee developed pancreas failure, which doctors attributed to constantly working 20-hour days.
According to the Journal, a banker's health difficulties resulted in a second hospital visit, and they were fired shortly after, supposedly due to low productivity. In another case, a former analyst was chastised for leaving his desk after an all-night work session, with his management insisting he seek permission even for brief breaks.
In reaction to the viral post, management convened a town hall meeting with the industrials team, encouraging junior bankers to express their concerns. Former employees, on the other hand, stated that despite the 80-hour weekly cap, their superiors often ignored it, requiring excessive work hours from younger employees.
A watershed moment came when junior bankers were summoned to a pizza party in Chicago, expecting a reward for their efforts on many transactions. However, the conference took an unexpected turn when supervisors criticised their efficiency, meaning that they should do more despite already working long hours.
Some current Baird junior bankers allegedly consider their harsh work conditions as industry standard. Meanwhile, other former employees were often unwilling to speak up, thinking that they would be perceived as weak or chastised by senior personnel who had faced comparable or harsher situations in their careers.
The report follows recent occurrences in which junior bankers faced severe consequences for working excessively long hours. Notably, two examples involved the deaths of Carter McIntosh of Jefferies and Leo Lukenas, a 35-year-old former Bank of America analyst, who were allegedly working more than 100 hours per week.
Disclaimer: (This information has been provided by a third party. India TV does not vouch for the authenticity of the claims made.)
