Carter McIntosh, a 28-year-old investment banker at Jefferies Financial Group's Dallas office, was found dead on Monday, sparking a police investigation, the New York Post reported. McIntosh, who worked on the firm's technology, media, and telecommunications team, was discovered at the Bell Knox District residential apartment building, according to the Dallas County Medical Examiner's office. The cause of death remains unknown, and authorities are still investigating. A source close to the matter confirmed that McIntosh was not at work when he died.
"Based on the date, approximate time, and location, this incident is being investigated as an unexplained death," Michael Dennis, a public information officer for the Dallas police told Business Insider.
In an internal memo sent to staff on Tuesday, Jefferies CEO Richard Handler and President Brian Friedman addressed the death of Mr McIntosh.
"It is with tremendous sadness that we report we learned yesterday that Carter McIntosh, one of our talented associates in Dallas, has passed away. We are in touch with Carter's family, who know we stand ready to support them in any way we can," the memo read.
Mr McIntosh had been with Jefferies' Dallas office since September 2023, serving as an associate, according to his LinkedIn profile. Before joining Jefferies, he worked as an analyst at Moelis and Goldman Sachs in New York. He held a degree in finance from Seton Hall University.
Allegations Of Overwork
A first-year Jefferies analyst anonymously shared concerns on the Wall Street Oasis forum, stating that the firm's work culture has become "out of hand" and describing the bank as "horrible right now."
"Hopefully someone does something to fix this. 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," the analyst wrote.
The young banker's death comes amid renewed scrutiny of Wall Street's demanding work environment. The gruelling demands placed on Wall Street workers came under scrutiny last year following the death of 35-year-old Bank of America investment banker Leo Lukenas III from acute coronary artery thrombus. In the weeks leading up to his death, Mr Lukenas, a former Green Beret, was regularly working 100-hour weeks to complete a $2 billion acquisition project.
A Jefferies source, who wished to remain anonymous, revealed that following the death of Mr Lukenas, Jefferies management encouraged junior bankers to openly express concerns if they felt overwhelmed by their workload.
Last year, multiple Wall Street sources told The New York Post about scary health issues they claim are related to their high-stress occupation. ''There have been incidents where analysts pass out in meetings due to lack of sleep/food, and other times where analysts are hospitalized due to panic attacks — and nobody steps in to check in on them,'' a Bank of America employee alleged.
