So how bad is it really for interns and junior bankers at investment banks that are putting limits on work hours ?
ABC News reports that while working until 2 a.m. and on weekends isn't unusual, many junior bankers accept offers knowing they will gain valuable experience, prestige and 'exit opportunities', says one Bank of America analyst.
This week, Credit Suisse joined Bank of America, Goldman Sachs and JPMorgan Chase in limiting the hours worked for junior bankers following the death of a 21-year old intern in London in August.
Arthur, a fake name for an employee who is not authorized to speak on behalf of the company, is a first-year Global Banking and Markets analyst in New York City for Bank of America Merrill Lynch. Within the Global Banking and Markets group, which includes corporate banking, sales and trading, and capital markets, investment banking analysts likely have the worst hours, he said.
An intern with Bank of America before he graduated in the spring, he said investment banking analysts are 'thrown into the fire' compared to other roles.
'One investment banking analyst didn't get out of work until 2 a.m. during the first week on the job. It's definitely a harsh awakening', Arthur said, adding that stories like that are 'not necessarily abnormal'.
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image: © Kai Chan Vong