The benevolent firm introduced new work hours for summer interns after Bank of America Merrill Lynch intern died from seizure induced by all-nighters 
 
 Go home before midnight, and don’t come back before 7am. Goldman Sachs – one of Wall Street’s toughest firms – has told interns they have got to work hard, but not too hard. 
 
 Moritz Erhardt: the tragic death of a City intern Read more 
 
 The new rules, introduced for this summer’s crop of investment banking interns, have been introduced “to improve the overall work experience of our interns”, a Goldman Sachs spokesman said. All of its summer interns across the world were informed of the new working hours rule on their first day in the office earlier this month. 
 
 
 
 Wall Street’s shift to caring capitalism comes in the wake of the death of a 21-year-old Bank of America Merrill Lynch intern who had regularly pulled all-nighters in a desperate bid to impress his bosses. 
 
 
 
 Moritz Erhardt was found dead in the shower at his London accommodation after working 72 hours straight. An inquest found he died of an epileptic seizure that could have been a triggered by his long working hours. 
 
 
 
 Shortly after Erhardt’s death, Goldman Sach’s chief executive Lloyd Blankfein told his interns that they shouldn’t give over their whole lives to the firm. “You have to be interesting, you have to have interests away from the narrow thing of what you do,” he said. “You have to be somebody who somebody else wants to talk to.” ||||| A 21-year-old who was interning at a London investment bank has died after reportedly working 72 hours in a row. 
 
 Moritz Erhardt was an exchange student from Germany studying at the University of Michigan and was interning at the Bank of America in London when he died, seven days before he was due to complete his summer internship. 
 
 According to reports, the business studies undergraduate suffered from epilepsy and collapsed in the shower at his student accommodation in Bethnal Green, east London, before being pronounced dead at the scene. 
 
 One anonymous poster on website the wallstreetoasis.com site said: “He was found dead in the shower by his flatmate. Intern at BAML [Banking of America and Merill Lynch] who went home at 6am three days in a row.” 
 
 Many of the comment threads focused on how hard interns were forced to work in banking internships, with many saying students felt they had to stay all night to be offered a job. Another commenter said his time in a banking internship was "the worst three months of his life." 
 
 One former investment banker confirmed that interns could regularly work 14 hours days. 
 
 The banker, who wished to remain anonymous, told The Independent: “Interns can regularly clock up to 100 or even 110 hours a week, but people are fully aware that banking is hard work and the company constantly reminds you to manage upwards in order to not overheat. This is the first time I’ve heard of something like this happening and banking is a very close culture.” 
 
 Banking interns at BAML are paid around £45,000 pro rata, or £2,700 a month. 
 
 One 20-year-old told the Evening Standard in 2011 that "you work whatever hours you’re asked to". 
 
 He added: "Every intern’s worst nightmare is what’s called 'the Magic Roundabout' – which is when you get a taxi to drive you home at 7am and then it waits for you while you shower and change and then takes you back to the office." 
 
 A spokesman for BAML confirmed Mr Erhart’s death. Head of international communications John McIvor said Mr Erhardt was a “highly diligent intern” and added: “We are deeply shocked and saddened by the news of Moritz Erhardt’s death. 
 
 “He was popular amongst his peers and was a highly diligent intern at our company with a promising future. Our first thoughts are with his family and we send our condolences to them at this difficult time.” 
 
 Erhardt had already interned at Morgan Stanley, Corporate Global Investment Banking and Deutsche Bank, Corporate Finance Division. 
 
 An internal email circulated to residents of Claredale House, where Mr Erhardt was staying, read: 
 
 "Some of you might be aware that the Emergency Services were called to Claredale yesterday evening. 
 
 "The reason for this is that we were made aware of an incident involving one of our residents. Sadly the resident concerned had passed away. 
 
 "To avoid any rumours or misinformation, we would like to inform you all that there were no suspicious circumstances surrounding the death. The incident is now in the hands of the police so we are unable to give any further information. 
 
 "At a very sad time like this, our thoughts are with his family and friends." ||||| Investment bank intern, 21, on £45,000 worked 'until 6am for three nights in a row' before he was found dead in his London flat 
 
 Moritz Erhardt had been interning with investment bank Merrill Lynch 
 
 Erhardt, from Germany and understood to have been studying at the University of Michigan, was found dead in his East London flat last week 
 
 21-year-old had 'pulled all-nighters' during his summer internship 
 
 Summer interns are paid £45,000 a year pro rata for their work 
 
 
 
 'All-nighter': Moritz Erhardt, 21, had been working gruelling hours as an intern at an investment bank 
 
 A young student has died in mysterious circumstances while employed as an intern at a top investment bank – amid claims he was asked to work punishingly long hours. 
 
 The body of Moritz Erhardt was discovered on Thursday evening as he neared the end of a seven-week internship with the Bank of America Merrill Lynch’s investment bank division. 
 
 The 21-year-old – understood to be from Germany but studying at the University of Michigan – had joined Merrill Lynch earlier in the summer hoping to forge a career with the firm. 
 
 Paid interns at the bank normally earn £45,000 a year pro rata - around £2,700 a month. 
 
 
 
 Yesterday it was claimed Mr Erhardt may have suffered a fit or seizure. However internet forum users said he may have been working ‘all-nighters’ during his stay with the company. 
 
 Many banks are known to encourage their young students to work late into the night and in the past there have been claims those keen to impress have put in long hours with very little sleep. 
 
 On one site, called wallstreetoasis.com, many posters insisted Mr Erhardt regularly worked long hours and added: ‘One of the best interns at BAML – three all-nighters, didn’t turn up, colleagues went to find him.’ 
 
 Mr Erhardt had been living in the Claredale House student accommodation flats in Bethnal Green, East London. The apartments are rented out to hundreds of interns during the summer months. 
 
 Another poster on the wallstreetoasis.com site added: ‘It is absolutely true – he was found dead in the shower by his flatmate. Intern at BAML who went home at 6am three days in a row.’ 
 
 On Friday staff at the Claredale complex issued a statement to residents, part of which read: ‘Some of you might be aware that the emergency services were called to Claredale yesterday evening. 
 
 ‘The reason for this is that we were made aware of an incident involving one of our residents. Sadly the resident concerned had passed away. 
 
 ‘To avoid any rumours or misinformation, we would like to inform you all that there were no suspicious circumstances surrounding the death.’ 
 
 Long hours: Mr Erhardt was near the end of his seven-week summer internship with Bank of America Merrill Lynch International in London when he died 
 
 In recent years interns have told of working long hours at investment banks. 
 
 One 20-year-old told London’s Evening Standard in 2011 that ‘you work whatever hours you’re asked to’. 
 
 He added: ‘Every intern’s worst nightmare is what’s called “the Magic Roundabout” – which is when you get a taxi to drive you home at 7am and then it waits for you while you shower and change and then takes you back to the office.’ 
 
 Another 24-year-old told the same newspaper: ‘About 100 hours a week was the minimum and the average was probably 110. I worked six-and-a-half days a week.’ 
 
 A source at Bank of America Merrill Lynch said Mr Erhardt had completed previous internships at other investment banks but could not confirm or deny claims he had worked exceptionally long hours. 
 
 Summer stay: Mr Erhardt, from Germany, had been staying at Claredale House in Bethnal Green, London, during his internship 
 
 However he insisted staff are given both ‘mentors’ and ‘buddies’ when they join the firm and are monitored by staff from the human resources department. 
 
 The source added Mr Erhardt was very well-liked by members of staff and there will now be a post mortem examination and inquest into his death. 
 
 A statement from BAML said: ‘We are deeply shocked and saddened by the news of Moritz Erhardt’s death. 
 
 
 
 'He was popular amongst his peers and was a highly diligent intern at our company with a promising future. ||||| An intern at a top investment bank who collapsed and died after working “crazy hours” had spoken of how he felt under intense pressure to succeed. 
 
 Moritz Erhardt collapsed in the shower as he neared the end of a seven-week internship with the Bank of America Merrill Lynch’s investment bank division. 
 
 The 21-year-old German’s body was found by flatmates in east London and friends claimed he worked through the night eight times in two weeks in a bid to impress bosses. 
 
 Reports suggested Mr Erhardt, who was said to suffer from epilepsy, may have had a seizure. 
 
 In an online portfolio advertising his skills and aspirations, the high-achieving student told how he became “highly competitive and ambitious” from a young age. 
 
 He said he had a “persistent aspiration” to be good at everything, and wrote: “I have grown up in a family that expected me, in whatever respect, to excel in life. By implication, I felt somehow pressurized (sic). However, I did not intend to belie my parents’ expectations. Therefore, I have become a highly competitive and ambitious nature from early on. 
 
 “Already during my times in elementary school, I began playing soccer as well as tennis, I engaged in track and field athletics, and I started ski racing. Sometimes, I had a tendency to be over ambitious, which resulted in severe injuries. 
 
 “With respect to my performance in school, I was striving for excellence and trying to be the best all the time.” 
 
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 The aspiring banker was discovered on Thursday in Claredale House in Bethnal Green. Paramedics tried to resuscitate him but he could not be saved and was pronounced dead at the scene. 
 
 Scotland Yard said they are treating the death as non-suspicious. 
 
 Students at the block claimed Mr Erhardt might have collapsed from exhaustion. One intern, working in markets, said: “He (Mr Erhardt) was working in investment banking and apparently he pulled eight all-nighters in two weeks. They get you working crazy hours and maybe it was just too much for him in the end.” 
 
 A user of the wallstreetoasis.com site said: “It is absolutely true – he was found dead in the shower by his flatmate. Intern at BAML who went home at 6am three days in a row.” 
 
 A fellow intern at Mr Erhardt’s bank said that he was being groomed for greatness and was a “superstar” among them. 
 
 He told the Standard: “He was the superstar. He worked very hard and was very focused. We typically work 15 hours a day or more and you would not find a harder worker than him. 
 
 “He seemed a lovely guy and was very popular with everyone. He was tipped for greatness.” 
 
 Mr Erhardt studied business administration as an exchange student at the prestigious University of Michigan’s Stephen M. Ross School of Business before attending WHU Otto Beisheim School of Management in Vallendar, Germany, where he was due to graduate next year. 
 
 He was regional leader of Junge Union, the youth organisation of the major political party Christian Democratic Union in Germany, and a champion regional tennis player who won numerous school awards in mathematics, French and English, finishing top of his class. 
 
 The student travelled to Israel in an attempt to “understand” the Arab-Israel conflict, donating used English books to Palestinian teenagers at an international school in Bethlehem. 
 
 He had already completed placements at KPMG Consulting, Morgan Stanley, and in Deutsche Bank’s corporate finance division ahead of this summer’s placement. 
 
 Mr Erhardt, who said he wanted to work in strategy consulting, was planning to apply for the Ross School of Business MBA program, and was also considering a graduate degree in public policy, foreign affairs, or philosophy. 
 
 He wrote: “In concrete terms, my primary goal consists of the pursuit of continuous improvement and the desire to strive for excellence. Over the last year, I have learned that complacency implies stagnancy. Hence, self-improvement and life-long learning is of utmost importance to me. 
 
 “I want to make the very best out of everything that comes my way.” 
 
 John McIvor, head of international communications at Merrill Lynch, said: “All the rumours and comments are just that, we will have to wait and see what the post-mortem examination says.” 
 
 He added: “We are deeply shocked and saddened by the news. He was popular amongst his peers and was a highly diligent intern at our company with a promising future. 
 
 “Our first thoughts are with his family and we send our condolences to them at this difficult time. 
 
 Mr McIvor refused to say whether or not it was commonplace for staff to work through the night. 
 
 He said: “I have not got any comment to make on our work patterns.” 
 
 But he added: “Do people in investment banking sometimes work long hours? Yes they do.” 
 
 Mr Erhardt’s parents, from Freiburg on the border with Switzerland, are believed to have travelled to the UK following their son’s death. ||||| NEW YORK Goldman Sachs Group Inc has told its summer investment banking interns not to stay in the office overnight in a bid to improve working conditions for its junior staff. 
 
 The move, according to company sources and confirmed by a Goldman spokesman, illustrates how Wall Street banks are seeking 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 and other banks have taken steps over the last several years to encourage junior employees, known as analysts and associates, to take time off in a profession notorious for all-nighters and 100-hour work weeks. 
 
 The moves came after the death of a Bank of America 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 take Saturdays off and also formed a task force to address quality of life issues. 
 
 Bank of America said at the time it would recommend junior employees take off a minimum of four weekend days per month. 
 
 Wall Street summer interns are typically college juniors who work as analysts and business school students who serve as associates. 
 
 Goldman has more than 2,900 summer interns this year. 
 
 Goldman ranked as the top worldwide M&A; adviser last year, according to Thomson Reuters data. The bank advised on 449 deals with a total value of $983.9 billion. 
 
 (Editing by Jeffrey Benkoe)
– When Moritz Erhardt, a 21-year-old Bank of America intern in London, died two years ago after reportedly putting in 72 hours straight at work, the banking industry turned the spotlight on its notoriously rough hours. Bank of America, for instance, suggested its junior workers take at least four weekend days off each month, and Goldman Sachs put together a quality-of-life task force and told its own junior employees to use Saturdays for R&R only, per Reuters. Now Goldman Sachs is taking work-life balance a step further, recommending that interns don't stay at their desks past midnight or come in before 7am—a relatively easier 17-hour workday, the Guardian reports. These guidelines were put out there "to improve the overall work experience of our interns," a company spokesman tells the paper. Goldman Sachs, which Reuters notes has 2,900 interns this summer, has taken other steps—including hiring more interns and offering pay hikes and mentoring programs—to make work more conducive to having a life, the Washington Post notes. And that's basically what CEO Lloyd Blankfein said shortly after Erhardt's death, telling the younger set in his firm: "You have to have interests away from the narrow thing of what you do. You have to be somebody who somebody else wants to talk to." It seems like a good start, but a recent memo sent to interns by a second-year Barclays analyst went viral because of what the Wall Street Journal calls its "dubious pointers" on how to succeed on Wall Street (i.e., prepare to work like a dog). (One intern who's probably happy? This Late Show worker.)