Some of you probably caught this last week, but the death of this intern is extremely disturbing:
Serious concerns have been raised tonight about the punishing hours endured by interns at City investment banks following the death of a young Bank of America Merrill Lynch employee.
Moritz Erhardt, 21, was nearing the end of a seven-week internship in London when he collapsed at home after working until 6am for three days in a row.
Around 300 interns working at various banks stay at the Claredale House student accommodation complex in Bethnal Green in east London for between seven and 10 weeks over the summer. One intern, who did not want to be named, told The Independent those in Mr Erhardt’s investing banking division group faced the longest hours.
He said: “We all work long hours, but the guys working regularly until 3am or 4am are those in investment banking. People working in markets will have to be in at 6am but not stay as late, so what time you can leave the office depends on your division.
“You’re only doing it for up to 10 weeks so there’s a general acceptance of it. I see many people wandering around, blurry-eyed and drinking caffeine to get through but people don’t complain because the potential rewards are so great. We’re competing for some very well-paid jobs.”
There are at least 3 major problems here. First is the exploitation of interns. The most serious example of this doctors and the pointless grotesquely long hours they are forced to serve during their internships, potentially putting people’s lives at risk. Can you imagine pilots having to fly 24 straight hours? Within the financial industry, there’s even less of a reason for this. What do financial workers have to do that’s so important? The answer is impress the employer enough to let them into the inner sanctum of full-time employment, which is the second problem. This is all about the brutality and masochism of our capitalists. You want to work for a company as awesome as Bank of America? Prove it. Do whatever we tell you to do. This is macho hazing and little more. The third problem is the general expectation of extreme hours and massive personal sacrifice that has come out of the tech industry and infected much of our work culture. Americans today will simply volunteer to work 60, 70, even 80 hours a week at a salaried job, simply because it is so ingrained in the culture that no one questions it.
Our national work culture of the twenty-first century is highly disturbing and needs serious reform. Bank of America effectively murdered this guy but they will go completely unpunished and do the same thing to next summer’s intern class.