Banker suicides leave sector concerned as coroners probe
Industry's culture of long hours blamed for deaths of finance workers around the world
Coroners in London are preparing to investigate two apparent suicides as unexpected deaths by finance workers around the world have raised concerns about mental health and stress levels in the industry.
The inquest into the death of William Broeksmit, 58, a retired Deutsche Bank risk executive found dead in his London home in January, will start today. The inquest for Gabriel Magee, a 39-year-old vice-president in technology operations at JP Morgan Chase, who died after falling from the firm's 33-storey London headquarters, is scheduled for late May.
The suicides were followed by others around the world, including at JP Morgan in Hong Kong. The financial world's aggressive, hard-working culture may be hurting itself, professionals advising on mental health in the industry say.
At greatest risk are "those who have not cultivated friendships, networks, outside of their company", said Stewart Black, professor of global leadership and strategy at IMD, a business school in Lausanne, Switzerland.
There is a general expectation [of long hours] in our profession
"A lot of executives keep their nose down, work hard, do great work and don't really cultivate extra networks," he said. "Those broader networks act as safety valves."