Financial world shaken by 4
bankers' apparent suicides in a week
Published time: February 03, 2014 12:16
Edited time: February 04, 2014 09:00
The apparent suicide death
of the chief economist of a US investment house brings the
number of financial workers who have died allegedly by their
own hand to four in the last week.
50-year-old Mike Dueker,
who had worked for Russell Investment for five years, was
found dead close to the Tacoma Narrows Bridge in Washington
State, says AP.
Local police say he could
have jumped over a fence and fallen 15 meters to his death,
and are treating the case as a suicide.
Dueker was reported
missing by friends on January 29, and police had been
searching for him.
A Sheriff’s spokesman said
investigators learned that he was having problems at work
but did not elaborate.
Jennifer Tice, a company
spokeswoman declined to comment, however said, that Dueker
was in good standing at Russell.
“We were deeply
saddened to learn today of the death,” Tice said in an
e-mail on Friday. “He made a valuable contributions that
helped our clients and many of his fellow associates.”
Russell Investment in 2008. He wrote for Market Outlook
financial services publications, forecasting the business
cycle and the target federal funds rate. He is the creator
and developer of a business cycle index that forecast
economic performance published monthly on the Russell
He was previously an
assistant vice president and research economist at the
Federal Reserve Bank of St. Louis, and is ranked in the top
5 percent of published economists.
Over the past two decades
of research papers mostly on monetary policy, according to
the bank’s website.
His most-cited paper was “Strengthening
the case for the yield curve as a predictor of U.S.
recessions,” published in 1997 while he was a
researcher at the Federal Reserve.
“He was a valued
colleague of mine during my entire tenure at the St. Louis
Fed,” said William Poole, the bank's ex-president.
“Everyone respected his professional skills and good sense.”
Dueker held an
undergraduate degree in math from the University of Oregon,
a master’s degree in economics from Northwestern University
and a Ph.D. from the University of Washington.
Streak of bankers’ deaths
Dueker’s apparent suicide
was the fourth among financial experts in a week.
A 58-year-old former
senior executive at Deutsche Bank AG, William Broeksmit, was
found dead on January 26 in his home after an apparent
suicide in South Kensington in central London.
The next day, January 27,
Tata Motors managing director Karl Slym, 51, was found dead
on the fourth floor of the Shangri-La hotel in Bangkok.
Police said he could have committed suicide. Mr. Slym was
staying on the 22nd floor with his wife, and was attending a
board meeting in the Thai capital.
Another tragic incident
occurred on January 28, when a 39-year-old Gabriel Magee, a
JP Morgan employee, died after falling from the roof of its
European headquarters in London.
While creating fortunes,
City and Wall Street jobs are notorious for extra-long
working weeks and huge amounts of stress. In a move to ease
the tension some of the world’s biggest lenders like Bank of
America, Goldman Sachs, JP Morgan and
have been telling junior staff to take more time off.
Some European countries
like Belgium and the Netherlands have
the working week from 40 to 30 hours without damaging their
economies, while in Germany an average worker puts in 35
hours a week and is the world’s fourth largest economy.