A Manhattan psychiatrist whose clients include Wall Street traders, investment bankers and company lawyers said there was an explosion within the number of patients looking for treatment for drugs, alcohol, depression and other mental health issues.
Dr. Sam Glazer, who runs a therapy practice within the Upper East Side, told the Wall Street Journal that it has witnessed exponential growth for the reason that pandemic, despite earlier stigma from financiers who’re afraid to ask for leave because they don’t desire their customers to find out about any issues.
“I’ve seen rather a lot of high-functioning people within the upper echelons of finance who’re afraid of exposure,” said Glazer, 56.
“There’s a culture of paranoia. “Would you want someone who’s an identified alcoholic to administer your money?” he added of his patients, who include traders, fund managers, investment bankers and company lawyers.
Glazer told the Journal that his practice had grown exponentially in the course of the pandemic, forcing him to rent 4 recent therapists to maintain up with demand brought on by high stress on Wall Street.
![Dr. Sam Glazer runs a therapy practice on the Upper East Side of Manhattan. He treats up to 200 patients at a time, mostly investment bankers and corporate lawyers working on Wall Street.](https://nypost.com/wp-content/uploads/sites/2/2023/07/NYPICHPDPICT000013886777-1.jpg?w=1024)
Businesses situated within the financial district have long demanded a brutal 105-hour workweek from employees that has been the catalyst for a lot of tragedies through the years, including the shocking suicide of billionaire financier Thomas H. Lee in February.
Lee, often called “the envy of Wall Street,” was present in his office bathroom with a single gunshot wound to the top next to a Smith & Wesson revolver.
The 78-year-old philanthropist was discovered by an assistant on the toilet floor of his family office on the headquarters of his eponymous financial firm on Fifth Avenue, police sources told The Post earlier this yr.
![Jeff Ditzell Psychiatry of the Financial District reported late last year that the center's hallucinogenic drip was in high demand among stressed stock traders.](https://nypost.com/wp-content/uploads/sites/2/2023/07/NYPICHPDPICT000013891716.jpg?w=1024)
To take care of depression, stress and burnout syndrome, other wealthy stock traders reportedly flocked to Manhattan in droves on the ketamine therapy office, which administers the hallucinogenic drug via an IV in lavish surroundings for $750 per session.
The Jeff Ditzell Center for Psychiatry within the Financial District legally dispenses the drug to patients – best often called a psychedelic party favour, Ditzell told The Post late last yr.
“We see rather a lot of Wall Street traders,” said Ditzell, adding that 30% to 40% of his clients work within the financial industry. “You may say they are available in droves. It’s a really stressful job and these individuals are performance oriented.”
Major banks have launched mental health initiatives lately, including JPMorgan, which has launched recent initiatives by launching a recent unit with $250 million in healthcare funding.
![Banks such as JPMorgan have addressed the mental health concerns of employees in recent years by funding new healthcare initiatives.](https://nypost.com/wp-content/uploads/sites/2/2023/07/NYPICHPDPICT000013142281.jpg?w=1024)
An entity called Morgan Health has created a greater model of employer-sponsored healthcare, in accordance with the Journalwith an emphasis on improving worker mental health services.
in 2021 Bank of America announced that it has donated $1.35 million to support multiple mental health initiatives in partnership with One Mind, RADical Hope and the National Alliance of Mental Illness.
But private equity firms and hedge funds, which pride themselves on being much more competitive and offering higher salaries, are slower to take motion to support the mental health of their employees, the Journal reports.