Wasserstein: Evidence for the Health and Aging Costs of Working on Wall Street

Late last year Bruce Wasserstein, chairman and CEO of Lazard died at the age of 61. He was hospitalized for what was described as an irregular heartbeat, but passed away later that same week. Lazard is a major investment bank, reporting about $1.5 billion in revenue for 2009. Wasserstein was an investment banker that, while being able to boast having fostered one of the most famous mergers & acquisitions (M&A) deals in the past few decades, carries the detrimental health effects of stress and sleep deprivation, as discussed in two previous posts. Passing away at the age of 61 – a relatively young age by today’s standards – can be attributed much in part to the negative health and aging effects of a career in investment banking.

With long work hours and pressure to meet deadlines, the stress of his job most certainly shortened his life. Friends and those close with Wasserstein said he had exhibited no signs of cognitive decline, and Lazard’s board of directors were “shocked and greatly saddened” by his sudden death. As discussed previously, abnormally high levels of stress can lead to high blood pressure and heart problems, for which Wasserstein was suddenly admitted to the hospital. Although his exact cause of death is unknown, the surprising nature of his passing and the fact that he had shown no signs of cognitive decline point to stress and his career as the major detrimental factors in his heart condition and passing away.

It should also be noted that Wasserstein had advised on hundreds of billions of dollars worth of M&A deals, and he was a multi-billionaire himself, so being able to afford quality healthcare and caregiving services was of no problem to him. Passing away after two days in the hospital, his condition must have been serious to the extent that medical treatment (no matter the cost) could not save him. It tends to be the case that older employees on Wall Street are better off financially and do not run into problems accessing private and public assistance and healthcare programs, as is commonly the case for underrepresented or low-income groups in other businesses or locations in the United States.