Bloomberg News reports that banking interns were instructed to leave the office by midnight and not return before 7 a.m., while also taking Saturdays off, Michael DuVally, a spokesman for the bank, said Wednesday.
Wall Street firms are attempting to reduce stress and improve conditions for their youngest workers. Goldman Sachs has increased salaries for junior employees and discouraged entry-level analysts from working weekends as many of the brightest college students seek careers in private equity or technology rather than investment banking.
The Guardian reports that Wall Street’s shift to a more caring capitalism comes in the wake of the death last summer of a 21-year-old Bank of America Merrill Lynch intern who had regularly pulled all-nighters in a desperate bid to impress his bosses.
Moritz Erhardt was found dead in the shower at his London accommodation after working 72 hours straight. An inquest found he died of an epileptic seizure that could have been a triggered by his long working hours.