Several top firms get their acts together and reduce workloads for interns.
Following the tragic death in August last year of Bank of America Merrill Lynch intern Moritz Erhardt, several top firms have been getting their acts together and setting rules and regulations to ensure that internship program participants aren't being overworked and putting their health at risk.
The Wall Street Journal has an interesting piece on this subject. In summary:
Bank of America Merrill Lynch insists that interns have at least 4 weekend days off a month.
Goldman Sachs has put together a task-force to review the issue, and also announced reduced weekend working for interns.
JPMorgan has has promised to hire more junior professionals to share the workload. It is also piloting a 'protected weekend' program.
Morgan Stanley has formed a committee to formulate a policy on best practice.
Something that caught our eye, however, as this from the Journal article:
Summer interns at Barclays Hong Kong in 2011 say they had to get creative to find time for sleep. Exhausted from hours of nonstop work, the interns would sneak into a bathroom stall, plug headphones into their smartphones and set the alarm, in hopes of stealing a few precious minutes of shut-eye, according to several former interns who worked for the bank in the summer of 2011. Some dubbed it the 'toilet nap'.
A Barclays spokeswoman, while declining to discuss the specific incident, said: 'We are constantly evaluating our analyst program to ensure that it is a challenging and rewarding yet balanced experience'.
Hit the link below to access the complete Wall Street Journal article:
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