Goldman Sachs has done its summer analysts a favour. Following several deaths seemingly linked to overwork in banking, the US bank has acted to put a limit on its interns’ working hours. Reuters reports that Goldman has dispatched a memo commanding its interns to work no more than 17 hours a day. The hours between 7am and midnight absolutely must be spent outside the office, although aspiring bankers are seemingly free to work at all other times.
A spokesman for Goldman Sachs said the new rules have been introduced to, ‘“to improve the overall work experience of our interns.” The Guardian notes that shortly after the death of Bank of America Merrill Lynch Intern Moritz Erhardt in 2013, Lloyd Blankfein told Goldman’s interns that they needed, “to be interesting.. to have interests away from the narrow thing of what you do. You have to be somebody who somebody else wants to talk to.” Goldman’s interns now have 7 hours each night to cultivate this,
Separately, Davide Serra, hedge fund manager at Algebris Investments in London, has been waxing lyrical to the New York Times about the sort of wife a hedge fund manager needs. Specifically, he cautions against marrying “an American woman,” seemingly on the grounds that they are too demanding. Serra himself is instead married to, “a former Gucci model and interior decorator.” She is,”the real asset on my balance sheet,” says Serra, with no hint of irony. “He’s a big character,” says one hedge fund consultant, recalling that Serra has also been known to make inappropriate jokes about prostitutes, something that “did not go over well with a crowd of Americans.” – Or anyone else, maybe.
Jimmy Lee, one of J.P. Morgan’s most senior investment bankers, died on Wednesday. He was 62. (Reuters)
Jimmy Lee died after being taken ill ‘during exercise.’ (Financial Times)
I am a 49 year old English banker who has worked in the City since graduating from university in 1987. In March 2006, I spent two months in hospital having suffered from a “severe psychiatric breakdown”. (Mind)
The Bank of England’s Prudential Regulation Authority plans to “launch a qualification in Central Banking supported and awarded by a major U.K. university.” (WSJ)
As the number of banks working on DCM deals in Europe increases, it’s no good just being a bookrunner, you need to be a ‘global co-ordinator’. (Financial Times)
The problem isn’t that these HR departments are staffed by snobs, but that insufficient numbers of bright working-class people fill in application forms. (Spectator)
Why you don’t want to work in M&A in China. (Euromoney)
Why you want to work for a US investment bank, redux. (Breaking Views)