Goldman Sachs has announced an unexpected shift in their policy – interns are requested to go home by midnight. That’s right, there’s no room for all-nighters at the financial giant’s offices.
The move was probably made under the pressures the bank currently faces due to the death of 22-year-old intern Sarvshreshth Gupta in April.
Though, investigators ruled Mr. Gupta’s death a suicide, he had often complained to his parents that he was forced to pull countless all-nighters due to tight deadlines and work up to 100 hours every week. A few hours before his death, the young man spoke to his father from his office at 2:00 a.m. He told his father that the work tasks were just “too much.”
The change in policy, which comes nearly three weeks after Mr. Gupta’s death, was confirmed by Goldman in an e-mail. According to the new decision, junior-level bank employees are no longer allowed to stay at their office between 0:00 and 7:00 a.m.
Additionally, the bank managers recently arranged a meeting to discuss the proper way to attain a balance between work and personal life with the employees.
Nevertheless, Goldman declined to confirm that the change was due to Mr. Gupta’s death
“This a continuation of our ongoing efforts to improve the overall work experience of our junior bankers,”
wrote a Goldman representative in an e-mail.
The spokesperson also said that the bank would continue to improve interns’ work experience, and that the process was far from over.
But the new policy targets only bank interns, other employees may still be forced to work until morning. Goldman refused to comment on the issue. It only said that it was better not to generalize.
Big banks including Goldman started changing their work policies regarding interns since a Merrill Lynch intern’s death a couple of years ago. The necropsy report showed that the probable cause of death was epilepsy, but it also revealed that the intern was overworked to exhaustion.
In October 2013, Goldman decided that interns could take a Saturday off. Merrill Lynch also decided that interns should take four weekend days off on a monthly basis, while JPMorgan Chase introduced the “protected weekend” policy for its junior staffers.
Last year, Goldman also raised intern salaries by 20 percent to $85,000 to compensate for the long hours they must work in the wake of the Bank of America junior banker’s death.
But such moves were not only triggered by tragic incidents. Major Banks in the U.S. must compete with Silicon Valley for young talents. Though tech firms also require long hours and tight deadlines, they are generally viewed as fun and cool workplaces.
Image Source: Russia Insider
Latest posts by Nathan Fortin (see all)
- The End of Life Option Act Already Used by 111 People - Mar 19, 2019
- Senate Decided to Kill Rule that Promotes Retirement Plans - Mar 19, 2019
- BlackRock Is Turning to Robots for Improved Stocks - Mar 19, 2019