London Stunned By Spate Of Financial Worker Deaths
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January 31, 2014Business Insider
Seena Photos/Didier Delmas
A series of deaths among finance workers has shaken London and raised more concerns about stress levels of bankers, Ben Wright and David Enrich of The Wall Street Journal report.
On Tuesday morning, a 39-year-old JP Morgan employee died after falling from the roof of the European headquarters of JP Morgan in London.
The man, Gabriel Magee, was a vice president in the investment bank’s technology department, a source told WSJ.
On Sunday, London police found William Broeksmit, a 58-year-old former senior executive at Deutsche Bank AG, dead in his home after an apparent suicide.
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Two top American bankers commit suicide in London as one jumps 500ft to his death from JP Morgan skyscraper and another hangs himself in luxury home
- Gabriel Magee, a 39-year-old JP Morgan bank executive, died this morning after he threw himself off the top of the bank’s European headquarters
- On Sunday, former Deutsche Bank senior manager, William ‘Bill’ Broeksmit, 58, was found hanging in his home in South Kensington
- Both deaths have been ruled non-suspicious by the Metropolitan Police
- Magee had lived in London for seven years after transferring from the Unites States with JP Morgan
- Broeksmit had been in London many years but still owned an apartment in an exclusive Central Park building in New York
- Both were thought highly of by their bosses and colleagues, sources said
By Martin Robinson and Mark Duell and Kieran CorcoranPUBLISHED:
16:46 EST, 28 January 2014 | UPDATED:
18:07 EST, 28 January 2014
Two top ranking American bankers working in senior positions in London have committed suicide in the space of two days.
Gabriel Magee, a 39-year-old JP Morgan bank executive, died early this morning after he jumped 500ft from the top of the bank’s European headquarters. His body was discovered on the ninth floor roof, which surrounds the 33-story Canary Wharf skyscraper.
Just two days earlier, on Sunday, fellow American banker, William ‘Bill’ Broeksmit, 58, was found hanging in his South Kensington home.
Broeksmit – who retired last February – was a former senior manager at Deutsche Bank and had lived in London many years. He started working for the bank in 1996 but left for a period of 7 years before returning in 2008.
Tragedy: IT executive Gabriel Magee has been found dead today after jumping from the top of JP Morgan’s headquarters in Canary Wharf, London, and landing on a surrounding roof
Magee was a vice president in the corporate and investment bank technology department having joined JP Morgan in 2004 and moved with the bank from the U.S. to Britain in 2007.
Magee was named in an email sent to all JP Morgan staff Tuesday afternoon.
A company spokesman said: ‘We are deeply saddened to have lost a member of the J.P. Morgan family at 25 Bank Street today. Our thoughts and sympathy are with his family and his friends’.
A source close to Magee said he was in ‘good standing with his bosses and colleagues. He was well liked.’
Scotland Yard said they were called to 25 Bank Street at 8.02 a.m. and detectives are not treating the death as suspicious.
‘No arrests have been made and the incident is being treated as non-suspicious at this early stage’, a spokesman for the Metropolitan Police said.
Canary Wharf workers were in shock today, with one trader telling MailOnline that his body lay on the flat roof until around midday.
‘My colleague yelled that he could see that someone had jumped from the top of the building onto a lower roof. His body lay there uncovered for at least two hours,’ he said.
In shock: A JP Morgan worker looks out of his window as Mr Magee’s body was recovered today
Roof death: Workers at Canary Wharf said hundreds were looking at the man’s body from their windows
Investigation: Police at the scene outside the JP Morgan building this morning, where the man was found dead at around 8am
‘Hundreds were looking out of their windows at him.
‘It was bonus week at JP Morgan last week so I hope it wasn’t to do with that’.
Another Canary Wharf worker who could see where the man fell told the Evening Standard: ‘It’s upsetting what’s happened but the thought of somebody lying up there for four hours is awful.
‘I got into the office at about 8.10 and the body was on the floor and there were police up there, and they put a white cover on him.
‘I think he was in a suit. As far as I could see the was dressed appropriately, but there was quite a lot of blood, so me and my colleagues were a bit upset.
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William Broeksmit, Ex-Deutsche Bank Risk Manager, Dies at 58
By Laurence Arnold and Nicholas Comfort Jan 28, 2014 12:06 PM CT
Photographer: Krisztian Bocsi/Bloomberg
William Broeksmit had two stints at Frankfurt-based Deutsche Bank, Europe’s biggest… Read More
William Broeksmit, a recently retired executive at Deutsche Bank AG (DBK) who worked at Merrill Lynch in the 1990s with Anshu Jain, now Deutsche Bank’s co-chief executive officer, has died. He was 58.
He died on Jan. 26 at his home in London, according to a memo to employees obtained by Bloomberg News. Deutsche Bank spokesman Michael Golden confirmed the contents, which didn’t give a cause. In an interview, a spokesman for the London police said a 58-year-old man was found hanging in a residence on Evelyn Gardens, the street where Broeksmit lived, and that authorities aren’t treating the death as suspicious.
“He was considered by many of his peers to be among the finest minds in the fields of risk and capital management,” Jain and co-CEO Juergen Fitschen wrote in the memo. They said Broeksmit was “instrumental as a founder of our investment bank” and called him “a dear friend and colleague to many of us who benefited from his intellect and wisdom.”
Broeksmit had two stints at Frankfurt-based Deutsche Bank, Europe’s biggest investment bank by revenue, first from 1996 to 2001, then from 2008 until his retirement last February. He worked as an independent consultant in the interim. When he rejoined the bank in 2008 it was in a newly created position, head of portfolio risk optimization.
In 2012, as they prepared to take over as CEOs, Jain and Fitschen advanced Broeksmit’s name to become the new chief risk officer. The bank retreated on his nomination after German financial regulator BaFin raised concerns that Broeksmit’s lack of experience managing a large number of employees.
Stuart Lewis was named head of risk management instead.
Broeksmit “was a pioneer in interest rate swaps” while at Continental Bank in Chicago “and brought his expertise to Merrill Lynch,” Janet Tavakoli, who managed asset swaps under Broeksmit at Merrill in the late 1980s, said today in an interview. “He was brilliant.” Tavakoli is president of Tavakoli Structured Finance Inc. in Chicago.
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