Place 1 tablespoon olive oil in a large 5 QT pot. Add in half the cubed beef and brown over medium-high heat until fully cooked, about 7 to 9 minutes. Place cooked beef cubes in a separate bowl and set them aside for now.
Repeat the steps by adding in the second tablespoon of olive oil and the other half of the beef cubes. Again, once cooked place these cooked cubes in a separate bowl with the rest of the cooked meat.
Add the third tablespoon of olive oil into the same pot then add in onions and cook until tender, about 2-3 minutes.
Add the beef cubes back in plus beef broth, onion soup mix, Worcestershire sauce, salt, pepper, and bay leaf. Stir to mix. Cover, reduce heat to low, and simmer for 1 ½ hours.
Remove bay leaf.
Mix cornstarch and water in a separate small bowl until cornstarch has melted.
Pour the cornstarch mixture into the beef mixture and stir until thickened, about 2 minutes.