The banking industry has long been known for its demanding hours, but recent events at Robert Baird, a Midwestern investment bank, have brought into sharp focus the human cost of excessive workloads.
A junior banker was hospitalised with pancreatic failure after reportedly working up to 110 hours a week, an extreme case that highlights the dark underbelly of corporate culture in finance.
This isn’t an isolated incident, but part of a troubling pattern where young professionals are pushed to their physical and mental limits under the guise of performance, dedication, and success.
The situation has drawn comparisons to other recent tragedies involving junior bankers, sparking renewed conversations about ethics, health, and accountability in high-pressure industries.
A Culture of Endurance Over Wellness
Reports from The Wall Street Journal and finance forum Wall Street Oasis have painted a disturbing picture of life inside Robert Baird for junior staff. The banker who suffered pancreatic failure was reportedly subjected to consecutive 20-hour workdays.
According to doctors, this extended period of chronic stress and exhaustion played a significant role in triggering the health crisis. Two other members of Baird’s industrials team also required hospitalisation due to similar working conditions.
Employees described a culture where taking breaks—even after working all night—was discouraged or outright punished. One former analyst was reportedly reprimanded for stepping away from his desk without prior permission after working through the night.
Another was terminated shortly after a hospital visit, allegedly for low productivity. Such incidents reflect a toxic work environment where human well-being is secondary to output and appearances. The culture of overwork in investment banking is not new, but these recent reports show how deeply ingrained and institutionalized it remains.
Despite public commitments to moderate hours and promote wellness, many firms continue to maintain unspoken expectations that contradict these promises. At Baird, insiders claimed that even though an 80-hour weekly cap was officially in place, it was routinely ignored by managers, especially within the industrials team.
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The culture extends beyond written policies to a set of informal rules that reward those who endure suffering and marginalise those who show vulnerability.
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Junior bankers are often made to feel replaceable and are reminded, subtly or otherwise, that complaining is a sign of weakness. The fear of appearing soft or incapable deters many from speaking up—even as their health deteriorates.
Misguided Motivation and Public Backlash
One of the more bizarre events recounted by former employees was a gathering in Chicago where junior bankers, expecting a show of appreciation, were instead berated for inefficiency. The pizza party-turned-critique session shocked many of those in attendance.
Despite having just closed multiple deals, they were told they weren’t doing enough and needed to work harder. Rather than a reward, the meeting served as yet another reminder of how their relentless efforts were met with criticism, not recognition.
Management at Baird reportedly held a town hall meeting to address the backlash after the viral post on Wall Street Oasis gained traction. The anonymous post painted the bank’s work culture in a highly negative light, comparing the treatment of junior employees to being regarded as “scum.” Hundreds of others echoed the sentiment, contributing their own stories of mistreatment and burnout.
Yet, despite the internal discussions and the growing public scrutiny, little appears to have changed on the ground. The firm’s top-down pressure to deliver results continues to overshadow attempts at reform. Many current bankers reportedly rationalise the conditions as standard for the industry, indicating how normalized such extreme work schedules have become.
The hesitancy to challenge or even question this culture is rooted in the belief that suffering is a rite of passage. Senior bankers, having endured similar or even worse conditions early in their careers, often perpetuate the cycle by imposing the same demands on the next generation. This self-perpetuating model leaves little room for empathy or reform and fosters an environment where burnout is the norm rather than the exception.
From Burnout to Tragedy: A Pattern That Demands Change
This is not the first time the finance industry has seen the consequences of pushing workers too far. The death of Carter McIntosh at Jefferies and the passing of Leo Lukenas, a former Bank of America analyst, were both reportedly linked to extreme working hours.
Both cases sent shockwaves through Wall Street, prompting temporary outcries and promises of better work-life balance. But these changes, if implemented at all, often prove to be short-lived or merely cosmetic.
The situation at Robert W. Baird illustrates just how little progress has been made. What makes these stories even more alarming is that they involve some of the youngest and most vulnerable members of the workforce—junior analysts and associates who are still finding their place and often feel powerless to protest.
The fact that a banker can end up in the hospital with pancreatic failure, and still face termination for “low productivity,” speaks volumes about the misplaced priorities within the industry. It suggests that output is valued above all else, and that those who falter—even due to the firm’s own unrealistic expectations—are swiftly discarded.
The broader question is how long this model can be sustained. As awareness grows and more workers speak out, pressure is mounting on firms to make meaningful changes. Clients, shareholders, and the public are beginning to scrutinise how these companies treat their people. Firms that fail to adapt may find it harder to attract top talent, particularly from younger generations who increasingly prioritise health, purpose, and balance.
It also raises legal and ethical concerns. Could firms eventually be held accountable for the health consequences of their working conditions? Could wrongful termination suits arise from cases like the one at Baird? These are questions that the industry must begin to take seriously, before more lives are affected—or lost.
While some banks have begun introducing mental health programs and limiting after-hours emails, these efforts often ring hollow when employees are still working triple-digit hours each week. Real reform will require a fundamental shift in mindset—from glorifying sacrifice to respecting boundaries, from rewarding endurance to protecting well-being.
Until then, stories like the one at Robert W. Baird will continue to surface, each a reminder that ambition should never come at the cost of human life.