Chosen Article: Bank intern who died after 'working for 72 hours' felt pressure to excel. Written by Victoria Ward & Anna Hill, (2013).
An intern who died after allegedly working for 72 hours straight at a leading Citybank had admitted that he felt “pressurised” to succeed.
Moritz Erhardt, 21, was found dead as he neared the end of a gruelling seven-week placement with the Bank of America Merrill Lynch's (BAML) investment bank division.
He collapsed in the shower in his student flat in East London amid claims that he had worked throughout the night eight times in two weeks in a bid to impress company bosses, returning home at 6am on three consecutive days. It has been claimed he ...view middle of the document...
A Bank of America spokesman refused to discuss the claims about Mr Erhardt’s working hours but admitted that the bank would “learn” from his death.
John McIvor, head of international communications, said: “There is an order of process here. We are making sure our interns are fine and we will then have to consider what the lessons are from this. If there are things to be learnt we will see what we can do.”
The bank said in a statement: “He was popular amongst his peers and was a highly diligent intern at our company with a promising future.“Our first thoughts are with his family and we send our condolences to them at this difficult time.”
Mr Erhardt, who is understood to have been paid around £6,000 for the internship, was discovered last Thursday by a flatmate at Claredale House in Bethnal Green. Paramedics tried to resuscitate him but he was declared dead at the scene.
His parents were understood to be travelling to London from their home in Freiburg, near the Swiss border.
Mr Erhardt studied business administration as an exchange student at the prestigious University of Michigan’s Stephen M. Ross School of Business before attending WHU Otto Beisheim School of Management in Vallendar, Germany, from which he was due to graduate next year.
He had already completed placements at KPMG Consulting, Morgan Stanley, and in Deutsche Bank’s corporate finance division and wanted to work in strategy consulting.
In his online profile, he said he wanted to help build a fairer, more peaceful and more humane world, adding: “That is what my character is all about.”
He said: “With respect to my performance in school, I was striving for excellence and trying to be the best all the time.
“My primary goal consists of the pursuit of continuous improvement and the desire to strive for excellence. I want to make the very best out of everything that comes my way.”
The Bank of America Merrill Lynch (BAML) is one of the world’s largest financial institutions who serve a wide range of individual customers; small and middle market businesses as well as large corporations with a sizeable range of investing activities, banking assistance and asset/financial risk management practices.
By providing 51 million individuals, with roughly 5,300 retail banking offices and an estimated 16,350 ATMs as well as award-winning online banking solutions, BAML successful provide assistance to a great range of individuals, business and corporations world-wide (Annual Report, 2012).
By placing high concern on meeting individual needs and aspiring to be ‘more than a bank’ they are a financial service provider that attempts to connect to their customers every step of the way (Annual Report, 2012). The corporation aims to distinguish itself from its competitors by delivering innovative space solutions that help achieve its objectives of “attracting talent, fostering satisfaction and productivity among its associates”, and “allowing...