A high-flying young tech banker with the boutique investment firm Jefferies died over the weekend, sources briefed on the matter have told The Post.
Carter McIntosh, 28, joined the bank’s Dallas office as an associate in September 2023, according to his LinkedIn page.
“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 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.
The cause of death remains unknown and is still being investigated, a source familiar with the matter told The Post, adding that McIntosh was not in the office at the time of his passing.
A spokesman for Jefferies declined to comment.
Mcintosh previously worked at Moelis and Goldman Sachs in New York as an analyst after graduating from Seton Hall University with a degree in finance.
A first-year analyst who said they worked for Jefferies took to the popular Wall Street Oasis forum on Tuesday to argue that the firm’s working culture “has gotten out of hand” and claiming the bank is “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.”
Another staffer said he had worked with McIntosh at Moelis, calling him “a friend” with “a really great sense of humor.”
Wall Street’s brutal working culture has been once again under the microscope after the death of Bank of America investment banker Leo Lukenas, 35, last year where he was reportedly pulling 100-hour weeks in the office.
Bank of America eventually moved to set up a specialized crisis committee to deal with the problem after the Wall Street Journal published an expose on the bank’s working conditions.
A Jefferies insider, speaking on the condition of anonymity, said the death of Lukenas prompted management to ask junior bankers to speak up if they felt they were being overworked.
“The bank wanted to be number one in a safe way,” the source told The Post.
Wall Street giant JPMorgan announced in September that it would cap junior bankers’ hours at 80 hours a week.
But that same month, Lazard CEO Peter Orszag gave an interview to Carlyle founder-turned-podcaster David Rubenstein in which he dismissed concerns 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.
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