If you’re a recent grad with sights on a lucrative career in finance, a summer internship at Goldman Sachs Group Inc. is pretty much, well, golden.
But it also means you’ll probably have a lot less fun this summer – an internship at the investment bank is no walk in Central Park.
Meaning, you’ll probably get to work not long after that summer sun rises, and leave long after it has set over the Manhattan skyline. In some cases, it probably just makes more sense to stay the night.
But this year, Goldman has told its summer investment-banking interns not to stay in the office overnight, telling its fresh new batch of summer interns that they should be out of the office between the hours of midnight and 7am during the week.
The move marks an initiative to improve working conditions for its junior staff, who are known to clock excessively long hours for a chance at a lucrative career in the ever-competitive world of investment banking. In the finance world, interns and entry-level employees – analysts and associates – are known to pull all-nighters in the office and work 100-hour workweeks.
After the 2013 death of a Bank of America Corp intern in London sparked concerns over clocking excessive hours (it was later revealed he died of natural causes), Goldman formed a task force dedicated to quality-of-life issues. The company also told its junior employees to take Saturdays off.
While the pro-active moves are definitely a step in the right direction, you can expect Goldman’s 2,900+ interns to be doing a lot more than creating spreadsheets and making coffee runs.