In early 2025, the death of a 28-year-old investment banker set off renewed calls for stronger employee protections in the financial industry. While the cause of death remains unknown, recent reports of a potential overdose, extreme sleep deprivation, and widespread stimulant abuse at the young banker’s firm have fueled arguments that his death is part of a troubling pattern. Just last May, a 35-year-old former Green Beret turned Bank of America investment banker died from a cardiac event shortly after telling a recruiter he wished to leave due to grueling hours. Later that month, a 25-year-old credit trader died after collapsing from a suspected cardiac arrest at an industry event.

Unfortunately, these reports are nothing new. Recent years have seen numerous high-profile deaths in the industry, including the death of an investment banking intern who suffered an epileptic seizure after going 72 hours without sleep and the suicides of two young investment bankers who jumped from their apartment buildings after particularly grueling stretches at work. In the wake of these most recent deaths, news outlets and industry forums like Wall Street Oasis have seen increasingly vocal calls for reform and accountability. As one commenter wrote, “if [managing directors] see they can face repercussions they’ll think twice before they work their juniors to death.”

For those seeking better working conditions in finance, there are multiple potential paths to pursue.

Under the OSH Act, employers must offer a workplace free from recognized hazards “likely to cause death or serious physical harm.” While federal enforcement is likely to be limited under the Trump administration, many states operate their own Occupational Safety and Health Administrations, which must enforce standards that are at least as protective as those under the OSH Act. Moreover, although this type of enforcement is not typically associated with corporate America, several workplaces in the financial sector likely meet the requirements for enforcement.

First, chronic stress and exhaustion in finance constitute a “recognized hazard.” It is common knowledge that mental illness and substance abuse are pervasive in the financial industry, and national news outlets have been reporting on industry deaths and suicides for several years. Moreover, there is a significant body of research linking exhaustion and stress to serious cardiovascular issues and mental illness. Indeed, the OSHA website itself recognizes that workplace stress poses risks to worker health. Finally, the implementation of protected Saturdays and hour limits at leading firms like Goldman Sachs demonstrates that there are feasible abatement measures employers can implement to address these hazards.

Notably, Goldman’s Saturday policy was not the product of regulatory intervention. Rather, this reform was a response to public shaming—a tactic that doesn’t require government intervention. Goldman implemented protected Saturdays after a group of first-year analysts circulated a “Working Conditions Survey,” which described analysts routinely working until 5 AM, dealing with “workplace abuse,” and experiencing significant mental health problems. The survey made global headlines, prompting widespread criticism and calls for Goldman leadership to implement new safeguards. Still, some firms have proven less responsive to employee concerns. For example, after J.P. Morgan employees circulated a petition protesting the bank’s new return to office policy, J.P.’s CEO Jamie Dimon dug in his heels, stating in a company meeting that “I don’t care how many people sign that fucking petition.”

Undeterred, several employees have turned to another path to reform: J.P. Morgan is reportedly facing a unionization push, and the Communications Workers of America (CWA) has publicly confirmed that a group of J.P. employees recently contacted the CWA seeking information about how to set up a union. Moreover, although unionization is rare in the financial sector, it’s not unheard of. In late 2023, employees at Wells Fargo’s Albuquerque, New Mexico branch voted to unionize under the CWA, following the unionization of two smaller banks in California and New York.

Although these bargaining units include employees in clerical and administrative roles, their success demonstrates that even financial institutions are not immune to unionization efforts. And while we’ve yet to see Wall Street investment bankers unionize, other high-earning white-collar professionals have shown it’s possible: the New York Times Tech Guild represents data analysts, software developers, and product managers; the Committee of Interns and Residents (CIR SEIU) represents medical residents; the Union of American Physicians and Dentists (UAPD) represents physicians, dentists, and other medical professionals; and the Alphabet Workers Union (AWU) represents over 1,000 Alphabet employees across the United States and Canada.

Finally, employees facing exacerbated mental health issues as a result of long hours may be eligible for workplace accommodations under the Americans with Disabilities Act (ADA). In one high-profile lawsuit, an entry-level investment banker at Centerview alleged she was fired after disclosing that she needed eight to nine hours of sleep to manage her anxiety and mood disorders. According to the lawsuit, management initially granted an accommodation involving a “hard stop” at midnight but reversed course weeks later, firing the plaintiff after explaining that she could not perform the “essential functions” of her job with the accommodation in place.

Some have criticized the suit as frivolous, arguing she should have “known what she was getting herself into” when she took the job. Yet, across the financial industry, these disabilities are far from unique. Investment bankers experience elevated rates of anxiety disorders, and top firms are notorious for subjecting employees to 100-hour workweeks and high-pressure environments. If Centerview is found liable for violating the ADA (which requires that firms reasonably accommodate employee disabilities), the suit might inspire other entry-level workers in the industry to request similar accommodations. On the other hand, if Centerview can demonstrate that working late into the night is essential to investment banking roles or that the sleep-related accommodation created an undue hardship for the firm, Centerview will likely prevail.

Industry insiders have mixed opinions about reform efforts. While some have applauded attempts to strengthen employee protections, others have argued that new hires understand what they’re signing up for and that high compensation justifies the grueling hours. Yet this argument overlooks a fundamental principle underlying all workplace safety laws: the fact that an employee willingly shows up for work and receives compensation does not grant employers a license to impose dangerous working conditions. Indeed, the Supreme Court explicitly rejected this logic decades ago when it overturned Lochner v. New York, recognizing that the government, in service of public health and safety, can place limits on what employees may permissibly bargain away. Moreover, this problem is not isolated to the financial sector. When we fail to hold firms responsible for working conditions tied to anxiety disorders, cardiac arrest, and even death, we effectively give all corporate employers the green light to overwork their employees, no matter the consequences.

Although some view corporate employees as separate from the rest of the American workforce, the workers’ rights movement could benefit from the engagement of diverse stakeholders. And as cardiac-related deaths, drug abuse, and suicides inspire increasingly urgent calls for financial industry reform, this may be a crucial moment for expanding the workers’ rights movement to new sectors of the economy.