23 Aug 2013

Bank intern's death raises questions

8:42 am on 23 August 2013

The death of an German intern working at the offices of Bank of America Merrill Lynch in London has prompted calls for companies to take more responsibility for the graduates who push themselves to the limit to secure jobs at the world's top banks.

Moritz Erhardt, 21, was found dead late last week at his accommodation towards the end of a seven-week internship.

He reportedly worked for 72 hours without sleep in Bank of America's investment banking division. The cause of his death was unknown pending post-mortem tests.

A Bank of America spokesman said the bank was waiting for the facts about Mr Erhardt's death before deciding whether to review the internship programme.

Weekends at work and meals in the office are considered par for the course for interns. Working around the clock is seen as part of the job.

Somestimes they leave the office only to change clothes, shower and sleep for a few hours.

Financial rewards are a major incentive, with new recruits at investment banks starting on a salary of about £50,000 ($US80,000) which is about 20% higher than other corporate graduates.