The death of a German student who died after pulling eight all-nighters in two weeks for his finance internship has led to increased scrutiny of work culture at major banks.
Moritz Erhardt was near the end of a punishing eight-week internship at Bank of America Merrill Lynch in London when he was found dead in the shower at his student housing last week. Friends attributed his death to overworking and sleep deprivation, reigniting a debate about the hyper-competitive working culture in the finance industry, especially for ambitious young workers.
Interns at investment banks are often expected to work over 100 hours each week, and usually believe that longer working hours can give them a competitive edge for promotion. In a public statement, the bank said it was “deeply shocked and saddened” and expressed condolences to the family.