According to the Wall Street Journal, the relentless grind of Wall Street has pushed young bankers to their limits. In order to survive the grueling workdays that can extend beyond 22 hours, some of these bankers have resorted to snorting crushed Adderall at their desks.
The Journal reports that many young bankers are using stimulants, such as prescription medications like Adderall and Vyvanse, as well as high-caffeine energy drinks. It is alarming to note that the industry seems to have become desensitized to the use of these substances.
Mark Moran, an intern at investment banking giant Credit Suisse in New York, was able to obtain a prescription for Adderall from a local pharmacy, despite his family’s psychologist not believing he had ADHD. Moran explained that he felt the need for something to help him cope with the demanding 90-hour work week.
“I was instantly captivated when they handed me the script,” said Moran, 33, in an interview with the Journal. “It didn’t take long for me to become completely engrossed in it. It became something I relied on for my livelihood.”
Earlier this year, the intense demands faced by Wall Street professionals came into focus after the tragic death of 35-year-old Bank of America investment banker Leo Lukenas III due to acute coronary artery thrombus.
In the weeks before he passed away, Lukenas, a former Green Beret, dedicated himself to completing a $2 billion acquisition project, often working grueling 100-hour weeks.
Bank of America has been found to regularly ignore its own policies that are meant to protect employees from being overwhelmed with excessive workloads, as reported by The Wall Street Journal.
Following the revelation, companies such as Morgan Stanley have taken decisive action by implementing more stringent measures. One such measure is the introduction of a maximum working week of 80 hours for junior bankers.
Several industry professionals interviewed by the Journal have openly admitted to relying on stimulants to handle the demands of their job. Trevor Lunsford, a member of Ascend Capital’s mergers and acquisitions division in Washington, DC, revealed that he has been using Adderall for the past seven years.
“It holds a significant place in my life, serving as a crucial tool,” he emphasized.
Lunsford shared the challenges of his demanding travel schedule, which consisted of frequent business trips from Washington, DC, to Denver. Every month, he would start his day at 6 a.m. to catch an early-week flight to Detroit, and then take a connecting flight to Denver.
Once he arrived in Denver, he would meet with clients and then participate in an extensive eight-hour management presentation.
Lunsford shared with the Journal that for several days of the week, he had consistently been working for 20 to 22 hours a day.
“I wouldn’t have been able to stay on top of things, stay focused, and make quick decisions if it weren’t for my ability to take Adderall.”
Jonah Frey, a former healthcare investment banker at Wells Fargo in San Francisco, revealed that he turned to Adderall to cope with his hectic schedule. He would often kickstart his days at 4 a.m. and continue working until the early hours of the next morning.
In 2021, Frey made a move to Leerink Partners, the former investment banking division of Silicon Valley Bank, located in New York.
He said that his workload increased by at least two or three times, and that’s when things started to go downhill.
In order to cope with the overwhelming demands of his job, Frey decided to up his dosage of Adderall. He procured the medication through the online healthcare provider, Teladoc.
The medication made him feel confused and unaware of the current day. It also caused him to lose his appetite, resulting in a significant weight loss of around 25 pounds.
“I began incorporating it into my routine, taking it once in the morning and once in the afternoon. Initially, I would only take it five days a week, but eventually, it became a daily habit as I found myself working most weekends,” he shared.
In 2022, Frey made the decision to quit his job and stop taking Adderall.
“I was fully aware of the potential risks involved with using Adderall,” he stated.
“I was driven by the desire to succeed and secure my position as a managing director, earning a substantial seven-figure salary. I believed that I needed to distinguish myself in order to achieve my goals.”