A Bloomberg report said coroners in London are set to investigate the deaths of two banking executives who apparent died by suicide. Their deaths, said the report, were linked to the two's working conditions.
The inquest into retired Deutsche Bank AG risk executive William Broeksmit will reportedly begin tomorrow, while 39-year-old vice president in technology operations Gabriel Magee at JPMorgan Chase & Co's investigation is set to start in late May. Broeksmit was found dead in January in his home, while Magee fell from his company's 33-story London headquarters.
The suicides of the two executives followed the deaths of financial executives across the globe, which include the untimely passing of chief economist Mike Dueker at Seattle-based Russell Investment Management Co.
Stewart Black, professor of global leadership and strategy at Swiss business school IMD said that people working in the financial industry who do not forge relationships outside of their work are at greater risk to have mental issues and high stress levels. He said, "A lot of executives keep their nose down, work hard, do great work and don't really cultivate extra networks. Those broader networks act as safety valves."
Chairman Peter Rodgers of the City Mental Health Alliance said the surge of deaths of financial workers around the globe has gotten some of the biggest banks to work out ways to prevent it. Rodgers, who also works as a deputy general counsel at KPMG, said that although certain initiatives that are geared to improve well-being of company staff has been implemented, he said that these have yet to be accepted by a cultural change by top executives.
Coroner Mary Hassell, who is investigating on Magee's death, mentioned the death of 21-year-old intern Moritz Erhardt at the London office of Bank of America Merrill Lynch, who died last year from an epileptic seizure. She said that the current industry practice of working long hours could have contributed to Erhardt's death. Bloomberg said Hassell's role is to question police and witnesses to explain the circumstances leading to untimely deaths, which include suicides.
