Bank intern's death raises questions over workaholic race to wealth
The death of an intern working at the London offices of Bank of America Merrill Lynch has prompted calls for city firms to take more responsibility for the ambitious graduates who push themselves to the limit to secure jobs at the world's top banks. Attracted to the glass towers of finance in London, New York and Singapore by the prospect of securing a full-time job and hefty wage, future "masters of the universe" often face 20-hour days in some of the most adrenaline-soaked offices on earth. Weekends at work and meals in the office are par for the course with anecdotal reports of the "magic roundabout" where interns get a taxi home after dawn and leave it waiting while they have a quick shower and then return to work.
A Bank of America spokesman said the bank was waiting for the facts about Erhardt's death before deciding whether to review its internship programme. Some politicians and an intern campaign group condemned the workload on interns dubbed "slavery in the city" by one British newspaper, calling on the banks to take measures to ensure their staff were not worked to exhaustion.
Ben Lyons, co-founder of Intern Aware that campaigns for fair, paid internships, criticised the 100-week an hour culture at investment banks, saying HR professionals, particularly those in the City, needed to ensure young people were cared for.... Read the full, comprehensive news article and discuss at The New Age Online