Goldman Sachs Group Inc. just drew a new work boundary for its summer investment-banking interns: No staying in the office overnight. In an effort to improve working conditions and to cut down on the stress caused by excessive hours, Goldman Sachs told its latest group of interns to take a break from the office — at least between the hours of midnight and 7 a.m. The maximum number of hours summer interns can work is now a "mere" 17 hours a day.
Interns aren't the first in the banking industry to be told to take it easy. Goldman Sachs recently began encouraging junior bankers to take Saturdays off, and Bank of America told junior employees to take at least four weekend days off every month. But even these constraints might not be enough to curb the stress of 100-hour work weeks, work days that end at 3 or even 4 in the morning, and little to no time off, even on the weekends. In April, an analyst on one of Goldman Sach's investment-banking teams committed suicide after grappling with the decision of whether he wanted to quit under his job's increasingly intense demands.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
Fallout: one of the 'most faithful – and best – video game adaptations'The Week Recommends This 'genre-bending' new Amazon series is set in a post-apocalyptic wilderness where survivors shelter below ground
-
'Test of faith for Trump Media's investors'Today's Newspapers A roundup of the headlines from the US front pages
-
Will Iran attack hinder support for Ukraine?Today's Big Question Pro-Kyiv allies cry 'hypocrisy' and 'double standards' even as the US readies new support package
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
-
Reddit IPO values social media site at $6.4 billionSpeed Read The company makes its public debut on the New York Stock Exchange
-
Housing costs: the root of US economic malaise?speed read Many voters are troubled by the housing affordability crisis
-
Feds cap credit card late fees at $8speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
