A 28-year-old banker was found dead under mysterious circumstances in his Texas apartment, leading local authorities to investigate his “unexplained” death. Carter McIntosh, an investment banker at Jefferies Financial Group’s Dallas office, was found inside his apartment around 11 a.m. on Monday, according to records obtained by Business Insider.
It remains unclear why police were called to his home that day, and the cause of death has yet to be determined. The Dallas Police Department has said that the exact cause of his death is currently unclear. “Based on the date, approximate time and location, this incident is being investigated as an unexplained death,” Public Information Officer Michael Dennis said.
Found Dead Under Mysterious Circumstances
Jefferies CEO Richard Handler and President Brian Friedman informed employees about McIntosh’s unexpected passing through an internal memo on Tuesday, as reported by Business Insider.
“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 executive Richard Handler and bank president Brian Friedman in a memo seen by The New York Post.
“We are in touch with Carter’s family, who know we stand ready to support them in any way we can,” the financial news agency quoted them as saying.
Before joining Jefferies, McIntosh worked as an analyst at Moelis and Goldman Sachs in New York after earning a finance degree from Seton Hall University.
On Tuesday, a first-year analyst, claiming to work at Jefferies, posted on the popular Wall Street Oasis forum, criticizing the firm’s work culture as being “out of control” and describing the bank as “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.”
A former colleague who had worked with McIntosh at Moelis described him as “a friend” with “a really good sense of humor.”
Unable to Cope With Work Pressure
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The harsh working culture on Wall Street has come under scrutiny again following the death of Bank of America investment banker Leo Lukenas, 35, last year, who was reportedly working 100-hour weeks.
In response, Bank of America formed a specialized crisis committee to address the issue after The Wall Street Journal published an expose on the bank’s working conditions.
A Jefferies insider, who wished to remain anonymous, revealed that Lukenas’ death led management to encourage junior bankers to speak out if they felt they were being overburdened with work.
In September, Wall Street powerhouse JPMorgan revealed it would limit junior bankers’ working hours to 80 hours per week.
However, that same month, Lazard CEO Peter Orszag appeared in an interview with Carlyle founder-turned-podcaster David Rubenstein, where he downplayed worries about young financiers suffering from burnout.
“There are many professions where you can’t get around the effort part of it,” the former Obama administration official told Bloomberg TV, claiming the financial services giant 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 Street career was not “make-work” — a term for meaningless jobs created just to keep someone busy.
