Multiple Banker Deaths Rattle Banking Industry

Canary Wharf 200810We’ve been reporting on the multiple suicides by bankers around the world for a while now, and the rash of seemingly unrelated deaths has the banking industry asking “why?” The bankers’ ubiquitous news service Bloomberg reports:

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 AG (DBK) risk executive found dead in his London home in January, will start tomorrow. The inquest for Gabriel Magee, a 39-year-old vice president in technology operations at JPMorgan Chase (JPM) & Co., who died after falling from the firm’s 33-story London headquarters, is scheduled for late May.

The suicides were followed by others around the world, including at JPMorgan in Hong Kong, as well as Mike Dueker, the chief economist at Seattle-based Russell Investment Management Co. 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.

“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.”

Banks are starting to realize the scale of the problem, said Peter Rodgers, chairman of the City Mental Health Alliance, which counts Morgan Stanley (MS) and Bank of America Corp. among its members…

[continues at Bloomberg]

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  • Anarchy Pony

    Fun fact: JP Morgan will literally steal your money.

    • Jin The Ninja

      i’ve heard this story so many times now told by so many different people.
      it’s so appauling on a moral and spiritual level. i think it was liam or emp. reagan who discussed the idea that the only value held to high esteem in american society was to pay your debts- an american moral ‘obligation.’-
      i think these kind of anecdotes are very telling. they examine both the idea that institutions have no moral responsibility, and that debt based morality has some severe flaws.

      • Anarchy Pony

        You ain’t kidding. I think debts are important on a personal level, they help keep people on even footing with each other. But the way it has been institutionally corrupted is appalling.

        • Jin The Ninja

          agree that it is an important concept between people in a society- but i think it is very much perverted by the concept of monetary exchange.

          • Anarchy Pony

            Interest being the primary source of perversion.

  • Reuben_the_Red

    One should carefully consider going into any line of work that results in suicide some of the time.

  • http://just-john.com just john

    Have they ruled out a plot to fake rich people’s deaths, using homeless people for the bodies?

    I can picture these guys all hiding in an attempt at a Randian paradise, which we won’t hear about until a couple survivors re-surface with tales of cannibalism.

  • sgtdoom

    http://wallstreetonparade.com/2014/03/document-jpmorgan-chase-bets-10-4-billion-on-the-early-death-of-workers/

    (Curiously, Broeksmit, Dueker and Talley attended Northwestern University around the same time, the former Swiss bankers who recently died were former JPMC people, etc.)

  • http://www.ContraControl.com/ Zenc

    If you worship Mammon, but don’t have your protective circles just right…

    • http://hormeticminds.blogspot.com/ Chaorder Gradient

      Makes you wonder the breadth of what those protective circles protect against.

      • Rey d’Tutto

        Protection against “Suicide” musta been missing or improperly completed…

  • Jonas Planck

    lol, “mental health and stress levels!”
    Maybe they’d have better luck lowering the “suicide” rate if they started giving seminars with titles like, “Snitches get Stitches” and “How Having an Ethical Attack of Conscience can Get You Killed.” …or maybe, “SEC Investigators: The Last People You Will Ever Talk To!”

    • Juan

      Exactly. It looks very much like “suicide” to me. As in, these bastards were suicided.

      • Rey d’Tutto

        Can’t squeal when you’re dead.

  • BuzzCoastin

    it is typically human
    to project meaning into random events
    especially when encouraged by media forces & crowds
    the fact is almost every type of industry category
    experiences similar rates of suicide

    when every wall street ceo offs themselves
    now that’s a story

  • Juan

    This guy seems to think that the shit hitting the fan is a long way from over, and that the worst is yet to come.
    Maybe these bank bastards got a glimpse of what’s comimg and decided on an early exit. Or more likely, they simply became liabilities that needed to be disposed of. Who the hell knows?

    http://chycho.blogspot.ca

    • Number1Framer

      I believe you (or someone else here) linked to this guy before. There does seem to be a funk in the air between debt of all kinds and the meaningless “recovery” we’ve been hearing about for the last 4 years. As someone who knows nothing about economic speculation, even I can see that a breaking point simply has to come, and soon. I’ve been watching this ongoing banker suicide trend and hoping it’s a harbinger of all this shit finally caving in (as it should and needs to). I think the most important point in the blog you linked to is on resetting all debt, but then how would ‘they’ control us?

      • Rey d’Tutto

        Well, once the National Harmful Tool Registration act is passed, and the Citizen Disarmament Coalition is free to confiscate all “Dangerous Weapons”, control of the population will be easily dispensed with firehoses & other “non-lethal” methods.

  • Adam’s Shadow

    Keep those suicides comin’ guys, keep’em comin’.

    • Louise Brewer

      Nasty. They are human beings when all’s said and done.

      • http://www.ContraControl.com/ Zenc

        You’re probably the kind of person that thinks cops are human too.

  • Liam_McGonagle

    Thanks, Majestic. You really know how to make your audience happy. Keep ‘em coming!

  • http://hormeticminds.blogspot.com/ Chaorder Gradient

    So people finally start talking about mental health when the higher ups start having obvious problems. Surprising? no.

  • donl

    Wow! great article ..my dream come true..who evers causing it keep up the good work!..any thoughts of expansion??

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