US Investment Banker’s Cause Of Death Revealed After Months-Long Investigation

Carter McIntosh, a 28-year-old investment banker at Jefferies Financial Group’s Dallas office, died from an “accidental overdose” of fentanyl and cocaine, Business Insider reported. Mr McIntosh, who worked on the firm’s technology, media, and telecommunications team, was found dead in his Dallas apartment in January this year. The circumstances surrounding his death were mysterious, prompting local police to launch an investigation into a “possible overdose”. Now, months after his death, the Dallas medical examiner has ruled Mr McIntosh’s manner of death an accident from the “toxic effects” of the drugs, the outlet reported. 

According to the New York Post, the 28-year-old was discovered dead on his couch in his Texas apartment on January 28, with police finding “drug paraphernalia” at the scene. At the time, investigators said they were probing a “possible overdose” and an alleged “history of illicit drug abuse”. 

The Post also reported that the young banker was pushing 100-hour weeks before his tragic death, with his co-workers revealing that the 28-year-old “worked like a dog” with “unsustainable hours”. 

A first-year Jefferies analyst anonymously also shared concerns on the Wall Street Oasis forum, stating that the firm’s work culture has become “out of hand” and describing the bank as “horrible right now.”

“Hopefully someone does something to fix this. 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,” the analyst wrote.

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Notably, Mr McIntosh had been with Jefferies’ Dallas office since September 2023, serving as an associate, according to his LinkedIn profile. Before joining Jefferies, he worked as an analyst at Moelis and Goldman Sachs in New York. He held a degree in finance from Seton Hall University.

The young banker’s death has yet again put a spotlight on Wall Street’s ruthless work culture. The gruelling demands placed on Wall Street workers came under scrutiny last year following the death of 35-year-old Bank of America investment banker Leo Lukenas III from acute coronary artery thrombus. In the weeks leading up to his death, Mr Lukenas, a former Green Beret, was regularly working 100-hour weeks to complete a $2 billion acquisition project.  

A Jefferies source, who wished to remain anonymous, revealed that following the death of Mr Lukenas, Jefferies management encouraged junior bankers to openly express concerns if they felt overwhelmed by their workload.