Goldman Sachs to Interns: Take It Easy, Go Home at 12am

And don't come back before 7am, Goldman Sachs says in new work-hours policy
By Jenn Gidman,  Newser Staff
Posted Jun 18, 2015 3:51 PM CDT
Take It Easy—Go Home at Midnight, Bank Tells Interns

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.)

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