Monday, September 25, 2023
HomefinancialsBank of America seeks to ensure work limits after intern's death

Bank of America seeks to ensure work limits after intern’s death

Bank of America/Merrill Lynch has detailed how it intends to improve working conditions for its junior bankers after one of its summer interns died.

In a memo sent to staff on Friday and seen by Reuters, Bank of America said an internal review had outlined measures to ensure such staff take days off and to improve support and supervision.

(Read more: 'Grueling' hours atbanks in focus after intern death)

The review was announced after 21-year-old Moritz Erhardt died in August toward the end of a seven-week internship at the U.S. bank's investment division in London.

The new measures are designed to increase "the efficient use of our time and resources, support work-life balance, increase our junior banker staffing levels and enhance the overall work experience," the memo said.

Adam Jeffery | CNBC

Erhardt's death highlighted concerns about interns working excessive hours, and even through the night, after newspaper reports suggested that the German student had worked for 72 hours without sleep before he died.

An inquest into Erhardt's death found he died of natural causes.

Effective immediately, analysts and associates are recommended to take a minimum of four weekend days off per month. Any exceptions must be pre-approved by senior managers, the memo said.

(Read more: As bulls run, one Wall Street firm isn't so sure)


Most Popular