Bankers dying too young
There has been a slate of young investment bankers deaths, some of these directly healthy related, such as this 21-year-old Bank of America banker who did not sleep for three days straight.
Other more recent young banker deaths include:
June 2015: Sarvshreshth Gupta (22 years-old) Goldman Sachs TMT Group – Overworked no sleep for two days: A 22-year-old Goldman Sachs analyst's death has been ruled a suicide
May 2015: Thomas Hughes (29 years-old) Moelis & Co. – Found dead outside his NYC apartment
Other more recent young banker deaths include:
June 2015: Sarvshreshth Gupta (22 years-old) Goldman Sachs TMT Group – Overworked no sleep for two days: A 22-year-old Goldman Sachs analyst's death has been ruled a suicide
May 2015: Thomas Hughes (29 years-old) Moelis & Co. – Found dead outside his NYC apartment
And some older bankers
Jimmy Lee (62): http://www.nytimes.com/2015/06/18/business/dealbook/jimmy-lee-investment-banking-force-dies.html?_r=0
Paul Calello (49) http://www.nytimes.com/2010/11/17/business/17calello.html
ZeroHedge keeps a track of on-going banker deaths (36 deaths in 2014)
Many of the deaths on the ZeroHedge list are suicide, and there is without a doubt a strong correlation between unhealthy living and proper brain and decision-making capabilities. If the stressful times are not managed well this can, unfortunately, result in the decision totakeones own life.
Paul Calello (49) http://www.nytimes.com/2010/11/17/business/17calello.html
ZeroHedge keeps a track of on-going banker deaths (36 deaths in 2014)
Many of the deaths on the ZeroHedge list are suicide, and there is without a doubt a strong correlation between unhealthy living and proper brain and decision-making capabilities. If the stressful times are not managed well this can, unfortunately, result in the decision totakeones own life.
Why Are So Many Bankers Committing Suicide? By ZeroHedge
As a banking analyst or entry level finance professional, y ou are more valuable then you realize you are. You are often the engine of the bank, without you, the deal flow would stop - no content create = no deal. All those PowerPoint decks are really the only tangible output from investment bankers. Always keep this in mind as you request the appropriate work-life balance and the appropriately staffed deal teams.
WSJ article about health and banking- Yes, there is an inverse correlation.
WSJ article about health and banking- Yes, there is an inverse correlation.
Some Tips
So what do you do if you must pull an all-nighter?
Make sure everyone knows how much you are are working, tell your other co-workers, don’t brag about it, just keep it matter-of-fact. Tell your superiors, the higher up the better, you may need more tact here, but again keep its a matter of fact, and do not be afraid to send an email with a draft deck and then ask for comments first thing when you get in. It's unlikely they will have comments, but this does a couple things, 1) it shows you care about your work and the opinions of your team, and 2) and it provides an email time stamp as to when you left and when you arrived. But regardless your team MUST be made aware of the hours you are keeping. Pulling an all-nighter is a big deal, not a badge of honor, no matter what anyone tells you.
Get a sense of the timing of the work and push-back. Some of the best bankers (and most highly paid) I have worked with push back on unrealistic timelines. Do not be afraid to do this. Pushing-back does few things, most importantly it can prevent ungodly hours in the office, but it also demonstrates you understand the work involved and because you care about the final output you want a realistic timeline in order to properly deliver.
Make sure everyone knows how much you are are working, tell your other co-workers, don’t brag about it, just keep it matter-of-fact. Tell your superiors, the higher up the better, you may need more tact here, but again keep its a matter of fact, and do not be afraid to send an email with a draft deck and then ask for comments first thing when you get in. It's unlikely they will have comments, but this does a couple things, 1) it shows you care about your work and the opinions of your team, and 2) and it provides an email time stamp as to when you left and when you arrived. But regardless your team MUST be made aware of the hours you are keeping. Pulling an all-nighter is a big deal, not a badge of honor, no matter what anyone tells you.
Get a sense of the timing of the work and push-back. Some of the best bankers (and most highly paid) I have worked with push back on unrealistic timelines. Do not be afraid to do this. Pushing-back does few things, most importantly it can prevent ungodly hours in the office, but it also demonstrates you understand the work involved and because you care about the final output you want a realistic timeline in order to properly deliver.