A 28-year-old Jefferies banker who fell victim to a suspected drug overdose was working as much as 100 hours a week before his death — even as fellow staffers griped to bosses about punishing workloads, The Post has learned.
Carter McIntosh, who joined the Wall Street investment bank in 2023 after doing stints at Goldman Sachs and Moelis in New York City, was found dead in his Dallas apartment on Jan. 27.
A police report cited a “possible overdose” and said officers who found the junior banker dead on his couch discovered “a white powdery substance” along with a “rolled up 100 dollar bill” in the kitchen, The Post reported exclusively on Friday.
McIntosh had been prescribed medication for attention deficit disorder, or ADD, according to the police report — raising fears that he could have overdosed on Adderall, a stimulant used by Wall Streeters to weather their punishing work days.
“He was a grinder,” a source said of McIntosh. “He was a really hard worker and he was on a very difficult team in Dallas. They gave him a lot of sh-t.”
A Jefferies insider told the Post that Adderall’s use was widespread at the firm, as at many banks across Wall Street where staffers struggle to keep up with the industry’s brutal schedule.
“Tons of people at the bank take it,” the source said.
McIntosh’s death has renewed debate about Wall Street’s brutal work culture, which was reignited last year by the death of 35-year-old Bank of America banker Leo Lukenas.
The former Green Beret died from a blood clot in his heart days after allegedly working 100-hour weeks to close a major deal. While there is no evidence his death was linked to his work, JPMorgan moved to cap work weeks at 80 hours after the scandal.
Jefferies has no such cap and its hard-driving culture carried over from the company’s Madison Avenue headquarters in Manhattan to the satellite office in Dallas, according to multiple sources at the investment bank who requested anonymity before speaking to The Post.
They claimed McIntosh and other young bankers were pushed to their limits under pressure to close megabuck M&A deals.
The California native was on the bank’s technology, media, and telecoms team. He reported directly to managing director Lawrence Chu and worked closely on deals with fellow MD Nicholas Brown.
McIntosh “had been worked like a dog” in the weeks before his passing, one of the sources said.
“The guys are kind of ruthless on that team.”
Both Chu and Brown did not respond to The Post’s request for comment, but one Jefferies source described the 28-year-old hours as “unsustainable.”
One banker, who asked for their identity to be withheld amid fear of reprisals, said that some senior tech bankers were known to behave “like a bull in a china shop” toward younger co-workers.
Two Jefferies insiders also told The Post that junior team members raised concerns about the grueling hours to senior management in the month before McIntosh’s death.
“You are working with increasingly difficult people who are going to give you sh-t no matter what you send them,” one anonymous banker alleged.
“These kids are geared towards blaming themselves rather than blaming the system. So they just work harder and sleep less, eat less, and work out less.”
A Jefferies spokesperson said: “This wild speculation needs to end. These statements are simply false. We believe that people are using this tragic incident and twisting it for their own purposes.”
The rep declined to comment on McIntosh’s schedule or the nature of the firm’s working environment.
Law enforcement officials told The Post that their investigation is ongoing.
An official with the city’s medical examiner said an autopsy report had not yet been compiled because they were waiting for the results of toxicology tests.
California property records show McIntosh grew up in Rancho Cucamonga, Calif., 40 miles east of Los Angeles, and graduated from the nearby all-boys Damien High School in 2014.
McIntosh moved to New Jersey for college, graduating in 2018. He joined Jefferies in September 2023 after stints at Goldman Sachs and Moelis, according to his LinkedIn profile.
His parents and sister still live in California. McIntosh’s mother did not return a request for comment from The Post.
Jefferies CEO Rich Handler called McIntosh “a well-liked and respected professional”, adding that he “had a joy for life and was so welcoming to everyone.”
The 63-year-old finance titan has been with the firm since 1990, starting as a trader. The bank’s latest available proxy statement from 2024 shows that Handler raked in an $18.9 million salary during the previous 12 months.
The CEO was caught in an awkward Instagram video at a Miami client event on the day after McIntosh’s death. On Feb. 1, he wrote a lengthy note on X urging younger staffers to speak up.
“We must appreciate our juniors,” he wrote, insisting that he was “just a phone call away” for those who need help managing their workloads.
His X profile bio states “be a good person.”
Jefferies recently introduced anonymous surveys for young bankers to provide feedback on the top executives working above them, sources told The Post.
Two sources familiar with the situation said the work environment can be particularly stressful owing to the firm’s “onerous” bonus clawback policy — which forces new workers to return 100% of their lucrative windfall if they leave for a rival investment bank within the first year.
The clawback is gradually reduced over time, but it only drops to zero after having worked at the firm for four years.
Successful bankers will, of course, earn more of those bonuses every year.
The draconian policy, written into the company’s work contracts, effectively prevents staffers from seeking another banking job, the sources said. Filings made by Jefferies describe the policy as “robust.”
“You can never leave unless you are fired,” said one ex-Jefferies banker who was terminated recently. “It’s a tough culture because most of the senior guys are stuck there. Everyone in that firm operates in a state of fear, stress, and uneasiness.”
“I was constantly pushing back on false deadlines,” the source added. “We are not curing cancers so not everything needs to be done tomorrow.”
Another insider with a deep knowledge of Wall Street recruitment said: “They are in a no-win situation. It’s like being a prisoner. Overall, it’s relatively awful. People are praying to get fired by Jefferies.”
The industry veteran singled out the bank’s technology, media, and telecoms team as known on Wall Street for being “toxic.”
One source who is still with the bank is already plotting an exit.
“I’m just trying to survive this job, get it on my resume, and get out of here,” the source said.
