Bank intern did 'eight all-nighters' before death
Death of Moritz Erhardt, 21, puts spotlight on punishing hours worked by finance sector interns
AN INTERN at a London investment bank has died in mysterious circumstances amid claims he was asked to work "punishingly long" hours.
Moritz Erhardt, 21, was found dead at his flat in east London last week as he neared the end of a seven-week internship with Bank of America Merrill Lynch (BAML).
It was claimed yesterday that Erhardt may have suffered a fit or seizure. But some of his friends have suggested he could have died of exhaustion after working eight "all-nighters" in two weeks, the London Evening Standard says.
It is understood that Erhardt – a German citizen – was found dead in the shower at his accommodation at Claredale House in Bethnal Green. Police say there are no suspicious circumstances surrounding his death.
One student staying at Claredale House while working in the money markets told the Standard: "He (Erhardt) was working in investment banking and apparently he pulled eight all-nighters in two weeks. They get you working crazy hours and maybe it was just too much for him in the end."
A BAML spokesman confirmed that Erhardt was working in its investment banking division, but declined to speculate on the cause of his death. "All the rumours and comments are just that, we will have to wait and see what the post-mortem examination says," the spokesman said.
Paid interns at BAML typically earn a pro rata salary of about £30,000 a year, the Daily Mail reports, but can take home as much as £2,700 a month (a pro rata salary of £45,000). In return, they are encouraged to work extremely long hours.
A comment posted on the wallstreetoasis website claimed that Erhardt had worked until 6am three nights in a row prior to his death.
Bank interns have previously revealed that they work whatever hours are asked of them. In 2011, a 20-year-old intern told the Standard that every intern's worst nightmare is what's called 'the Magic Roundabout' – when a taxi drives you home at 7am, waits for you to shower and change your clothes, then drives you back to the office. ·