Why Are Banking Executives In London Killing Themselves?

A former Deutsche Bank executive has been found dead at a house in London, it emerged today.

The body of William ‘Bill’ Broeksmit, 58, was discovered at his home in South Kensington on Sunday shortly after midday by police, who had been called to reports of a man found hanging at a house.

Mr Broeksmit - who retired last February - was a former senior manager with close ties to co-chief executive Anshu Jain. Metropolitan Police officers said his death was declared as non-suspicious.


On top of that, Business Insider is reporting that a communications director at another bank in London was found dead last week...
 

Last week, a U.K.-based communications director at Swiss Re AG died last week. The cause of death has not been made public.


Perhaps it is just a coincidence that these deaths have all come so close to one another.  After all, people die all the time.

And London is rather dreary this time of the year.  It is easy for people to get depressed if they are not accustomed to endless gloomy weather.

If the stock market was already crashing, it would be easy to blame the suicides on that.  The world certainly remembers what happened during the crash of 1929...
 

Historically, bankers have been stereotyped as the most likely to commit suicide. This has a lot to do with the famous 1929 stock market crash, which resulted in 1,616 banks failing and more than 20,000 businesses going bankrupt. The number of bankers committing suicide directly after the crash is thought to have been only around 20, with another 100 people connected to the financial industry dying at their own hand within the year.


But the market isn't crashing just yet.  We definitely appear to be at a "turning point", but things are still at least somewhat stable.

So why are bankers killing themselves?

That is a good question.

As I mentioned above, there have also been quite a few other strange things that have happened lately that seem to be "out of place".

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Wall Street Wiz 7 years ago Member's comment
Yes, there's an update here (from a different contributor). Looks like there may be another death (only missing for now): "Dead Bankers, Missing Reporter, And Unfolding Wall Street Scandals." http://www.talkmarkets.com/content/financial/dead-bankers-missing-reporter-and-unfolding-wall-street-scandals?post=40215
John Michael 7 years ago Member's comment
Mr. Snyder, have there been any updates on this? Any further correlation found between the bankers?
John Michael 7 years ago Member's comment
I hate to say it, but they probably did something wrong or maybe even illegal. They were likely afraid to go to jail or loose wealth they squeezed out of society. Chose a quick death rather than a life behind bars, or in shame, or simply out of a high paying job.
StockHound 7 years ago Member's comment
I can't say I have high thoughts about bankers in general, but that is a bit harsh. Most 'bankers' don't break the law, they just grab an opportunity where they see it. It is the laws on how the money tool (it is a tool for trading) should work that is to blame. So if the finger should be pointed at anyone, it's the politicians.
BreakingBad News 7 years ago Member's comment
One of the guys instrumental in the Enron scandal, Cliff Baxter, killed himself after saying, "They're calling us child molesters. That will never wash off."
Joel Santiago 7 years ago Member's comment
I'm afraid someone will have to explain the God Father reference. Believe it or not, I never saw the movie.
Michele Grant 7 years ago Member's comment
I have to agree, vice president is not an executive position in banks. And without knowing why they committed suicide... perhaps they were upset because their girlfriends dumped them, or they suffered from clinical depression... we have no evidence that their deaths head anything to do with banking. Yet... we can't ignore he possibility either.
Barry Blogs 7 years ago Member's comment
I don't know if 3 deaths are a fair comparison to the great depression, but if more continue, the similarities are pretty glaring. There have been all sorts of studies that show when there are a string of suicides, it can unleash a slew of others. With 3 bankers dead in such quick succession, others are likely to follow... if it makes it into the mainstream media for others to notice.
Wall St. Wolf 7 years ago Member's comment
I don't mean to belittle this tragedy - anyone taking their life is a horrible thing. But it should be noted that the companies like JPM give out the title VP pretty freely. These guys many not have been particularly important to the company. Of course that doesn't mean their deaths aren't significant or an indication of a far more serious trend.
Joel Santiago 7 years ago Member's comment
Okay, I admit 3 bankers killing themselves could be the beginning of a trend, but it could also just be a coincidence. Did they leave notes? Why did they do it? It could be totally unrelated.
Sensible Cents 7 years ago Member's comment
Watch God Father II and then you'll know why they did it.