Robert W. Baird, a century-old, employee-owned investment bank headquartered in Milwaukee, Wisconsin. Now, it is under fire with blistering charges about its abusive practices towards its junior bankers. According to local reporting, these employees were required to work extreme hours. Many topped 110 hours a week, with some workers even enduring grueling 20-hour work days. Unfortunately, things have gotten pretty intense. Its work culture has reportedly left at least two former members of the firm’s industrials team hospitalized under stress from grueling hours and extreme pressure.
A host of other junior bankers recently spoke out about the ‘draconian’ work demands at Robert W. Baird. Staffers regularly received write-ups for leaving their desks after working through the night. Underpinning this behavior is a workplace culture that shames people for taking breaks and rewards self-destructive overwork. At least one junior banker had complained about their workload to the human resources department before finally needing hospitalization.
In addition to the troubling work hours, junior bankers accused management of frequently violating internal rules that cap weekly work hours at 80. Inappropriate Work Assignments The schedules, seen as excessive and unrealistic, were reportedly the creation of then mid-level banker Aaron Haney, now one of Robert W. Baird’s directors. After viral posts describing the brutal work practices at the company, Haney was fired from his job.
Stories of employee abuse at Robert W. Baird have recently come to light. These worries come on the heels of untimely deaths of young bankers within the industry. Most recently, earlier this year, Jefferies junior tech banker Carter McIntosh was found dead from an apparent drug overdose. Leo Lukenas III, a 35-year-old investment associate at Bank of America, died last year from an unwitnessed blood clot. Lukenas’s death became a catalyst for increased national scrutiny of Wall Street practices. Predictably, some banks responded by overcorrecting and being too aggressive in policing working hours and conditions.
Employee wellness is more popular—and more controversial—than ever. HR complaints made by former Robert W. Baird employees detail the firm’s toxic workplace environment largely fixated on whiteness. Other anonymous sources called the experience dehumanizing, with one banker referring to the experience of analysts and associates as “pissed on scum.” In response to viral social media posts about their experiences, hundreds of anonymous employees shared similar stories of mistreatment and dissatisfaction within the firm.
Investment banking firm Robert W. Baird has come under increasing fire and grave allegations regarding its workplace culture. Meanwhile the company has closed its mouth and has not made any statements in public about these allegations or possible management shakeup. This unnerving silence raises some serious questions. How does the firm plan to address these issues? Will it require federal leadership that requires better working conditions for its workers?
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