Moritz Erhardt, a 21-year-old intern at a London Bank of America office, died after reportedly working three days straight at his internship.
As reported by CNBC, Erhardt reportedly worked until 6 a.m. for three days straight and was found dead in his flat. Erhardt, a University of Michigan student from Germany who suffered from epilepsy, was found collapsed in his shower.
CNBC reported that Erhardt’s internship at Bank of America’s office in London was about to end in a week.
"We are deeply shocked and saddened by the news of Moritz Erhardt's death," Bank of America 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.
Erhardt reportedly collapsed in the shower of his student housing unit in east London in Bethnal Green, The Independent reported. He was pronounced dead at the scene.
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“He was found dead in the shower by his flatmate," a user on wallstreetoasis.com wrote, as reported by The Independent. "Intern at BAML [Bank of America and Merrill Lynch] who went home at 6am three days in a row.”
Claredale House, where Erhardt was staying, issued a statement saying, “There were no suspicious circumstances surrounding the death.”
Bank of America’s head of international communications John McIvor told CNBC that he could not provide any more information about Erhardt's death, but he said interns are accustomed to working long hours.
"The whole point about internships is to give students a positive experience and to get to know our firm and us to know them well, so we can work out who would be the best fit to join the company full-time after they graduate," he said. "I'm not going to comment on what hours people choose to spend in the office voluntarily. But if you think about it logically, what we're trying to do is something that happens across all the big firms. We're looking to get to know them better."
McIvor told the Independent that BofA is “deeply shocked and saddened by the news of Moritz Erhardt’s death.”
An anonymous former investment banker told the Independent that interns at Bank of America and Merrill Lynch regularly work long hours and are paid £45,000 pro rata, or £2,700 a month.
“Interns can regularly clock up to 100 or even 110 hours a week, but people are fully aware that banking is hard work and the company constantly reminds you to manage upwards in order to not overheat,” the source said. “This is the first time I’ve heard of something like this happening, and banking is a very close culture.”