LONDON Jan 10 Bank of America Merrill Lynch
has detailed how it intends to improve working
conditions for its junior bankers after one of its summer
In a memo sent to staff on Friday and seen by Reuters, Bank
of America said an internal review had outlined measures to
ensure such staff take days off and to improve support and
The review was announced after 21-year-old Moritz Erhardt
died in August towards the end of a seven-week internship at the
U.S. bank's investment division in London.
The new measures are designed to increase "the efficient use
of our time and resources, support work-life balance, increase
our junior banker staffing levels and enhance the overall work
experience," the memo said.
Erhardt's death highlighted concerns about interns working
excessive hours and even through the night after newspaper
reports suggested that the German student had worked for 72
hours without sleep before he died.
An inquest into Erhardt's death found he died of natural
Effective immediately, analysts and associates are
recommended to take a minimum of four weekend days off per
month. Any exceptions must be pre-approved by senior managers,
the memo said.
The memo, from Christian Meissner, head of the bank's Global
Corporate and Investment Banking (GCIB) unit, said it would make
a current staffer position - responsible for how projects get
allocated - into a full time post in some regions. The staffer
will closely monitor work volume, hours and assignments, making
sure junior bankers work on a variety of projects and develop
The role of human resources and development officers will
also be beefed up.
The new rules will also apply to those taking up summer
internships at the bank.
"We are importantly committed to broader cultural change in
terms of how we manage our time and how we best serve our
clients," Meissner wrote in the memo.
Bank of America declined to comment.