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Bank of America said to restrict interns to 60 hours' work a week

As working hours in investment banking divisions become an issue again, banks are taking action to prevent interns from working too hard.

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Instagram account Litquidity says Bank of America has imposed 60-hour a week limits on interns in its investment banking division (M&A and capital markets) and claims it's suggested that they leave the office at 9.30pm.

Bank of America declined to comment on the claims, but one BofA junior in London confirmed the 60-hour week limit, although he said London interns don't have such early bedtimes. BofA London interns' hours are allegedly 9.30am to 10pm on Mondays to Thursdays and 9.30am to 7.30pm on Fridays. There's no weekend work. 

The claims come after Leo Lukenas, an associate on Bank of America's US FIG team died as a result of an "acute coronary artery thrombus," in May. There were suggestions that Lukenas had worked 120-hour weeks, which Bank of America denied, butut a recruiter subsequently said that Lukenas had been looking for a new job because his hours were long.

In 2014, Bank of America intern Moritz Erhardt died after allegedly working 72 hours without sleep. An inquest found that Erhardt died of an epileptic seizure, of which the coroner said fatigue could have been a possible trigger.

Litquidity claims that other banks have introduced similar policies, and says today's interns simply ignore any requests to work on weekends. Felix Beuttler, a former Goldman Sachs associate and founder of FinEx Academy, says that when he was a summer analyst seven years ago, interns were expected to work no later than midnight.

Banking interns are paid £1k a week in London. The restrictions on working hours have caused complaints in the past, particularly at French banks where off-cycle interns earn less and are expected to work a lot more. 

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AUTHORSarah Butcher Global Editor

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