Finance
A 25-year-old BofA trader dies suddenly during a company outing
(Bloomberg) — A 25-year-old credit trader from Bank of America Corp. passed away suddenly on Thursday evening.
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Adnan Deumic, a credit portfolio and algorithmic trader, collapsed from suspected cardiac arrest while playing football at an industry event and failed to respond to medical treatment including CPR, according to a person briefed on the matter. He joined the bank’s Global Markets team in 2022 after participating in the summer analyst program last year.
“The death of our teammate is a tragedy, and we are shocked by the sudden loss of a popular, young colleague,” a Bank of America representative said in an emailed statement. “We are committed to providing our full support to Adnan’s family, his friends and to our many associates who mourn his loss.”
Deumic, originally from Sweden, was active in ice hockey, among other things. He worked in the London office of Bank of America. Before working at Bank of America, his LinkedIn profile lists internships at JPMorgan Chase & Co. and Scandinavian investment bank ABG Sundal Collier. Deumic was a graduate of Sweden’s Chalmers University of Technology.
It is the second death in recent weeks involving a young employee within the company’s Wall Street divisions. Leo Lukenas, an associate in the investment banking group in New York, died earlier this month.
That incident sparked industry discussions about the culture of demanding, long hours in investment banking. While the trading industry is also intensive, these questions are asked less often because it is less about marathons to close a deal.
In the weeks before his death, Lukenas – who was part of the financial institutions group – had been working on a $2 billion bank acquisition, which he touted on LinkedIn. He died on May 2 from an acute coronary thrombus, according to the New York City Office of the Chief Medical Examiner.
Whether employment contributed to Lukenas’ death is unknown, and Bank of America is not formally investigating the death, according to people familiar with the matter. The company’s focus is on “doing everything we can to help and support the devastated family and our team,” the bank said in an earlier statement to Bloomberg.
Outpouring
Before banking, Lukenas was a Green Beret, an elite special operations force within the U.S. military, and his death caused an outburst on Wall Street. Within days, a donation page was set up by a veterans organization, 51 Vets, to raise money for his wife and two young children. Jefferies Financial Group Inc. Chief Executive Officer Rich Handler was among the donors, donating $10,000, while Moelis Veterans & Allies Network donated more than $11,000.
On the donation page — which has raised nearly $400,000 of its $1 million goal — an anonymous donor wrote that they were in their first year of investment banking after more than a decade in the Navy. Lukenas’ death “hits close to home,” the donor said.
(Updates with further context from the fourth paragraph.)
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