Goldman Sachs tells interns to leave before midnight

They even get Saturdays off too.

by Rachel Savage
Last Updated: 06 Nov 2015

Goldman Sachs has told its summer investment banking interns they should leave the office by midnight and not come back until at least 7am. What’s more, they’ve been instructed to take Saturdays off too. How very generous.

To be fair to the investment bank, which has more than 2,900 summer interns this year according to Reuters, it’s hard to change a culture of competitively long hours at the drop of a hat. But if any Wall Street firm can order their interns home, and their clients to wait that little bit longer to seal a deal, surely Goldman can.

The edict comes after investment banks were forced to face up to the ridiculous hours being worked by their junior staff following the death of Bank of America intern Moritz Erhadt in 2013. He had pulled three all-nighters in a row, although an inquest found that couldn’t be conclusively linked to his dying of an epileptic seizure.

At the time, Bank of America said it would recommend its bottom-rung employees take at least four weekend days off a month. Again, how very kind of them.

The difficulty with any big shift in working practices, is people who have ‘done their time’ often don’t see why those below them shouldn’t have to go through the initiation of all-nighters too. Barclays may have disowned itself from a recent email that jokingly instructed interns to ‘bring a pillow’ to the office, but the prank was uncomfortably close to the bone. Banks will have to work harder if they really want to change their culture – and their reputation.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

“You literally have to rewrite your job description”

One minute briefing: In hard times, your network becomes more important than ever, says Prezi...

5 bad habits to avoid when leading remotely

In a crisis, it can be hard to recognise when you've taken your eye off...

A top-level guide to scenario planning

COVID creates unprecedented uncertainty, but there are tried and tested ways of preparing for an...

Is it favouritism to protect an employee no one likes?

The Dominic Cummings affair shows the dangers of double standards, but it’s also true that...

Masterclass: Communicating in a crisis

In this video, Moneypenny CEO Joanna Swash and Hill+Knowlton Strategies UK CEO Simon Whitehead discuss...

Remote working forever? No thanks

EKM's CEO Antony Chesworth has had no problems working from home, but he has no...