GeneratorLoans Financial Information
Goldman Sachs Group Inc has told its summer investment banking interns to not stay in the office overnight inside a bid to improve working conditions for its junior staff.
The move, according to company sources and confirmed with a Goldman spokesman, illustrates how Wall Street banks are trying to find to curb excessive hours worked by young employees who see internships and entry-level jobs as a chance for a lucrative investment banking career.
Goldman has told its new crop of summer banking interns they should be out of the office between the hours of midnight and 7 a.m. during the week.
Goldman along with other banks have taken steps during the last several years to inspire junior employees, known as analysts and associates, to take time off inside a profession notorious for all-nighters and 100-hour work weeks.
Related
- Global banking\’s winners and losers since the financial crisisThe Caisse and Goldman Sachs purchase background screening companyThis 24-year-old banker struggled with quitting his Goldman Sachs job before he died
The moves came after the death of the Bank of the usa Corp intern in London in 2013 fueled concerns over working excessive hours. It was later revealed the intern died of natural causes.
Soon after, Goldman told its junior bankers to consider Saturdays off as well as formed a task force to address quality of life issues.
Bank of the usa said at that time it would recommend junior employees remove a minimum of four weekend days monthly.
Wall Street summer interns are usually college juniors who work as analysts and business school students who function as associates.
Goldman has more than 2,900 summer interns this year.
Goldman ranked because the top worldwide M&A adviser last year, according to Thomson Reuters data. The financial institution advised on 449 handles a total worth of $983.9 billion.
? Thomson Reuters 2015
