Toxic Investment Banking Takes a Deadly Toll
Financial Services and Capital Markets Management
Jefferies associate Carter McIntosh's untimely demise casts fresh light on the notorious working conditions in the investment banking world.
By Dan ThompsonMay 7, 2025, 5:20 pm
The grim reality of the investment banking sector rears its ugly head once more with McIntosh's tragic death, fueling growing frustration about the off-putting workload.
Modern-day Slavery in Suits and Ties
Investment banking is synonymous with grueling working hours and unbearable pressure. An ordinary workweek in this cut-throat field often surpasses the 50-hour mark, with even entry-level jobs like analysts and associates clocking up to 80–100 hours weekly, especially during peak periods [1][4]. This unrelenting schedule can lead to exhaustion, damaging mental and physical health.
Health Havoc and Substance Abuse
The relentless environment puts a substantial strain on mental health, causing stress, anxiety, and depression. The suffocating pressure also raises alarms about the use of illicit substances as a means of coping. Though exact data on drug abuse in the sector is sparse [4], the industry's high-stress atmosphere may create a breeding ground for substance abuse.
The Fine Line Between Work and Vice
Though specific figures about substance abuse within investment banking aren't detailed in the current data, the sector's demanding nature may contribute to the development of a harmful lifestyle characterized by unsustainable workloads and potential substance abuse. The broader health concerns in the sector consist of burnout, mental health issues, and physical health problems stemming from the imbalance between work and personal life [4].
Addressing the Crisis: Baby Steps or Giant Leaps?
Recent discussions have underlined the importance of balancing work and life, pushing for the implementation of policies to counter burnout. Some banks are taking commendable steps to monitor and restrict working hours, aiming to boost employee well-being [4]. However, the tradition of endless hours remains a daunting challenge for the industry.
The Final Verdict: Sacrifice or Success?
The investment banking industry's relentless work environment instigates widespread health issues, including a risk of drug abuse as a survival tactic. While accurate data on substance abuse is hard to come by, mitigating the broader health impacts of the sector's high-stress environment remains paramount.
[1] "Why Time Off Might Be the Secret Ingredient to Success." Harvard Business Review, 6 Nov. 2023, https://hbr.org/2023/11/why-time-off-might-be-the-secret-ingredient-to-success.[4] "The Impact of Long Working Hours on Employee Health and Well-Being in the Financial Services Sector." World Health Organization, 2 Oct. 2024, https://www.who.int/publications/i/item/9789240041751-en.
The tough work conditions in the investment banking sector, as highlighted by Carter McIntosh's unfortunate demise, have sparked concerns over the excessive workload that often leads to exhaustion and potential mental health issues, such as stress and depression. Encouragingly, some investment banks are making efforts to address this problem by implementing policies aimed at balancing work and life, which could potentially help alleviate the strain on employee well-being and reduce the risk of harmful coping mechanisms like substance abuse.
Despite these positive steps, the long-standing tradition of lengthy working hours in this business sector poses a significant challenge for significant changes to occur, and the risk of substance abuse may persist as a result of the unrelenting and high-stress environment.
