| | | 'Grueling' hours at banks in focus after intern death
Matt Clinch and Arjun Kharpal, CNBC 8:03 a.m. EDT August 25, 2013
The widespread culture of long working hours and all-nighters for banking interns has been criticized after the death of a 21-year-old intern last week, with recruiters and human resources groups calling for changes to guidelines and working practices.
Moritz Erhardt collapsed at his London home in Bethnal Green on Thursday, after reportedly working until 6 a.m. for three days in a row at Bank of America Merrill Lynch's (BofA) investment banking division. The cause of death is unknown and some newspapers reported that he suffered from epilepsy.
But in the wake of Erhardt's death, a group that advises graduates lashed out at employers who allow young interns to work punishing hours. In addition, recruitment agencies that deal specifically with interns called for an independent body to support young people working in the finance industry.
"Internships should not be an initiation process of low pay, tortuous hours and tasks designed to push the young person to their limits, even of health. They should not be exploited because they're the intern," said Felix Mitchell, co-founder and director of Instant Impact, an intern recruitment agency in London. |
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