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Morning Coffee: 25-year-old junior trader dies amidst fears for heart health across banking. Revolut employees prepare to become rich

There were 47,500 people working in front office financial services jobs last year according to market intelligence firm Coalition Greenwich. That two young men of that number have died in recent weeks is tragic, but is unlikely to indicate a trend. 

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Nonetheless, the deaths of Leo Lukenas, a Bank of America associate FIG banker whom the coroner said died of "acute coronary artery thrombus," and then Adnan Deumic, a Bank of America junior credit trader, who died during an industry soccer match last Thursday, is refocusing attention on the health of young people in financial services. 

The cause of Deumic's death is still unknown, but cardiac arrest is suspected. He was given CPR at the scene. Once again, Bank of America has expressed its regrets: “The death of our teammate is a tragedy, and we are shocked by the sudden loss of a popular, young colleague,” it said to Bloomberg. 

Bankers with heart problems are unfortunately nothing new. In 2018, Gavin McDonald, the 47-year-old head of M&A at Morgan Stanley in London, died at his desk in Canary Wharf one Friday evening. In 2022, a trader at Vontobel died on the floor in the middle of the working day. 

In a population of nearly 50,000 people, some tragedies are unfortunately inevitable. But there are suspicions, too, that the stress and long hours of banking jobs in particular make things worse. Speaking to the New York Post, Hank Medina, who runs the Litquidity Instagram account, says that when he worked in banking for Jefferies he suffered 'months of chest pain and heart palpitations' and was given a heart monitor. Other young bankers told the Post heart monitors are relatively common. “The adrenaline from the job was unsustainable,” said Medina.

Six years ago, Business Insider looked at the prevalence of heart attacks among young people in banking. One young woman, who often worked until 4am, said she had been hospitalized three times in four years, and that a throat infection had turned into infective endocarditis. A consultant cardiologist told Business Insider at the time that he'd seen a 10% rise in heart attacks among bankers under the age of 30 and that around one in ten of his patients in this age range work in finance.

In 2018, BI found that young people in banking were suffering from two particular heart issues: myocarditis, which it said is often associated with a weakened immune system due to fatigue and unhealthy living, and arrhythmia, 'brought on by tension and drug use.'

Six years later, things haven't changed. If you're worried about your heart, get it checked by a medic. Take time off work. Leave the industry. Two deaths in two weeks are a reminder that even young and healthy people are mortal. Working yourself to death is not worth it.

Separately, and less bleakly, Sky News reports that Revolut, the UK-based fintech/app-based bank, is lining up Morgan Stanley bankers for a $500m (£394m) secondary share sale. If successful, the sale may permit some of Revolut's employee-shareholders - who are also renowned for their long working hours to cash-out. 


“You typically don’t have to get to the office until 10 a.m. and you often don’t get any work assigned until the afternoon. But around 5 p.m. or 6 p.m., you often get an assignment and have to stay until 2am finishing it.” (NY Post)

Over 25% of BlackRock's staff are technologists but the asset management firm wants to diversify. “We have more and more conviction that we need people who majored in history, in English, and things that have nothing to do with finance or technology.”  (Fortune) 

The Bank of England is planning to expand its Leeds team from 70 to 500 people by 2027. (Guardian) 

XTX founder Alex Gerko is estimated to have paid £664.5m in tax last year and £1.15bn in tax over the past two years. (The Times)

Alex Gerko is richer than Mike Platt at BlueCrest. (The Times) 

Hedge fund manager Paul Marshall is worth an estimated £875m and he gave away £145.1m last year. (The Times) 

Santander is still hiring. It now added, Brian Anton, Citigroup Inc.’s global head of retail investment banking; Stephan Reinhard, a managing director in Citigroup’s global industrials group; and Andrew Horn, co-head of Americas investment banking and head of industrials at Nomura. (Bloomberg) 

Goldman Sachs has $100bn of assets in private credit. It wants $300bn in the next five years. (Bloomberg) 

Goldman Sachs is expanding into the market for lending to private equity firms and asset managers and is focused on Europe, the UK and Asia after buying a portfolio of loan facilities valued at $15 billion from the failed Signature Bank last year. It's already added staff in Dallas and Bangalore to service these loans. (Reuters) 

A former employee at Greenlight Capital Management has left to set up his own fund. He says he was Greenlight's head of macro. Greenlight says he was just an analyst who was there for two years. (Business Insider) 

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AUTHORSarah Butcher Global Editor
  • Fa
    Fast Eddy
    20 May 2024

    The 25 year old with the deadly heart attack has experienced what so many others experienced courtesy of Pfizer.

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