Banking intern died after 21-hour shiftsSave
By Paul Gallagher
Serious concerns have been raised about the punishing hours endured by interns at London City investment banks after the death of a young Bank of America Merrill Lynch employee.
Moritz Erhardt, 21, was nearing the end of a seven-week internship in London when he collapsed at home after working until 6am for three days in a row.
The circumstances of his death are unknown, but police are not treating them as suspicious. Some reports suggested that Erhardt, from Freiburg, in southwest Germany, was epileptic.
Around 300 interns working at various banks stay at the Claredale House student accommodation complex in Bethnal Green in east London for between seven and 10 weeks over the northern summer. One intern said those in Erhardt's investing banking division group faced the longest hours.
He said: "We all work long hours, but the guys working regularly until 3am or 4am are those in investment banking. People working in markets will have to be in at 6am but not stay as late, so what time you can leave the office depends on your division.
"You're only doing it for up to 10 weeks so there's a general acceptance of it. I see many people wandering around, blurry-eyed and drinking caffeine to get through but people don't complain because the potential rewards are so great. We're competing for some very well-paid jobs."
Another intern living at Claredale claimed that Erhardt, who had been earning 2700 ($5343) a month, collapsed from exhaustion.