DEAD GRADUATE WORKED “EXCESSIVELY” DURING PLACEMENT AT LONDON BANK
The father of the banking intern who died after working for three nights in a row has said “something needs to change” to prevent a similar tragedy happening again. He called for the UK government to introduce stricter employment legislation to protect ambitious young workers from burning out – but admitted his son Moritz Erhardt was had been “exploiting himself” by working “excessively” during his summer placement at Bank of America Merrill Lynch.
Moritz’s death in August raised questions about the high expectations placed on graduates doing tough City internships. But his dad Hans-Georg Dieterle, 51, told the Observer that the bank wasn’t exploiting his son – and he does not blame them for not spotting the signs earlier. He told the reporter that if he feels any anger it is only “with Moritz for not having taken care of himself.”
Moritz, 21, was nearing the end of a £6,000 seven-week placement at the bank’s London offices when he was found dead in his east London flat. According to friends, he had worked a 72-hour shift in the days leading up to his death, stopping only to go home in the early hours for a shower before intending to return to the office. Colleagues raised the alarm when he did not turn up to work.
Hans-Georg said he could imagine that part of what Moritz loved about the work was the intensity that developed during those long days and nights in the office, comparing it to the endorphin rush experienced by long-distance runners or mountaineers who push themselves to climb further without oxygen.
Bank of America Merrill Lynch has already announced a review into its working practices and Hans-Georg told the Observer reporter that its staff could not have been more supportive in the aftermath of Moritz’s death.
But when asked if the long-hours internship culture was due for an overhaul, he replied:
“I think it’s in Merrill Lynch’s own interests to make sure that such things don’t happen any more. But the labour market has its own dynamics. In the context of globalisation, Merrill Lynch is just a small player and something needs to change. I do really hope the British government will now start revising working hours and employment laws. I think it’s the government that has to pass the legislation. In Germany, everyone has the right to rest between shifts, from a trucker to a surgeon.”
Bank of America Merrill Lynch has already announced that a working group will look into working practices at the firm. Hans-Georg said he hoped the government would follow the German lead and introduce more stringent employment legislation. The results of the postmortem are not yet known, but his dad believes Moritz – who had experienced minor epileptic episodes in the past – suffered a seizure brought on by exhaustion and subsequently drowned in the shower.
Hans-Georg said this might not have occurred had his son been working in his home country. “In Germany, everyone has the right to rest between shifts, from a trucker to a surgeon,” he said. His son had completed an internship with the KPMG consulting group in Frankfurt in 2012 which had been less taxing than the London placement in terms of hours worked. “I think he worked really hard there, but not so excessively [as in London],” he said.
As a result of strong employment protection legislation, German workers put in fewer hours than many of their European counterparts, but are more productive per hour. In August, Germany’s employment ministry banned its managers from calling or emailing staff out of hours except in emergencies, in a move intended to prevent employees from burning out.
Hans-Georg said that his son, a student at the WHU-Otto Beisheim School of Management in Vallendar in Germany, was enjoying his internship and pushed himself to work hard in order to impress his superiors. Senior staff at Bank of America Merrill Lynch were preparing to offer Moritz a full-time £45,000 a year a year job after graduation. A statement released after his death described him as “a highly diligent intern at our company with a bright future”.
Hans-Georg said that the family had been deeply upset by media coverage of his son’s death. One particular German news article prompted a stream of vitriolic online abuse from people commenting that they wished more bankers like Moritz had died. It was also claimed that Moritz modelled himself on Gordon Gekko, the fictional character portrayed by Michael Douglas in the 1987 film Wall Street, after a photograph emerged of the 21-year-old wearing a pinstriped shirt and red braces. But Hans-Georg said that his son had only worn those clothes for a costume party.
*CAN THE GOVERNMENT STOP AMBITIOUS INTERNS ‘SELF EXPLOITING’?
Would tougher rules on working hours help to protect young workers from pushing themselves too hard? Have you ever done a long-hours internship, in finance or any other industry? What were your hours – and were you properly supervised?
I felt under constant pressure to impress during my internship. I’d beaten off about 50 other people to get it after all.
After graduation I soon realised that experience — and a certain kind of experience – is the only thing that counts. My grades, extra-curricular stuff and Saturday job during A-levels did not mean much at all.
I imagine Moritz felt much the same way I did. Unable to say “no” to anything and hardly in a position to bargain with superiors who would either be writing his reference or deciding whether he might be “worthy” of a full time position.
While interning I felt constantly aware that interns were not taken as seriously as “real” full time staff and would have been willing to work excessive hours if it meant getting some of the trappings of a full time bona fide employee.
@Grad What hours did you work and how closely were you supervised?
And was your internship at a bank?
No I interned in Parliament. The hours were fairly standard. I do emphasise with the constant need to impress though. For Moritz it was being overworked. For me it was more being unable to say no.
I was asked to perform cleaning tasks in the absence of the actual cleaner. That wasn’t in the job description…
It was an awful internship but I wouldn’t feel comfortable writing about it until I am in secure employment — if such a thing exists anymore?
“The results of the postmortem are not yet known”
That’s not correct. The Coroner reported he died of epilepsy, but there is an inquest to look further into the causes as far as I’m aware.
Unfortunately, the banks have 100s of graduates wanting to be investment banks, hedge fund gambliers, and analysts. I guess this guy who died felt he had to work three nights in a row or else they would fire him and give the job to another graduate.
I mean working three nights in a row? just to make more money? Why did this guy tell his boss to shove it? Its not worth your life bro!!!.
I love investing myself; but, if I had to choose between my life or making more money. I would choose my life over money anyday of the week.
Our Prime Minister “John Key” (age 25)was an investment banker for Bank of America Merrill Lynch. I also watched “millionaire trader documentary on youtube” and they treated there employees like robots. They didn’t care about their life or morals they only care about making a profit.
Its a sad world we live in.
@Chris — from your reference to John Key I see you are from New Zealand. How are things for graduates over there? I am really interested as I think graduate unemployment is a global issue.
In a normally functioning economy if you don’t like the conditions of your job you leave and find somewhere better. In this economy you are lucky to have a job in the first place and have to cling to it at all costs whatever the conditions.
It hit home when I found out 60 people had applied to replace me on my internship. Each having to do a CV, cover letter and some silly written task designed to cut down on applications.
I also got to respond to all the speculative CVs my employer was sent each week. Seeing it from the otherside I now realise why my CV is treated like a piece of spam by most employers.
@Grad
Do you think you could drop me a line via the contact page? I have a question for you!
https://graduatefog.co.uk/about/contact-graduate-fog/
Thanks
Tanya
@Tanya
Yes I am from New Zealand. We too have a very small underemployment problem. But, these people majored in things like art, history, and Spanish. However, if you get a professional degree such as accounting, law, engineering or medicine you will get a good job.
On the other hand, I have seen people with these degrees and chose not to work in their field of study. So, I think it’s all up to you at the end of the day to find a real job. The bachelor degree is like a key to a door, but, you must be willing to open it.
To be honest I wish there was an easy answer to our country’s problems. Unpaid internships, underemployment, over inflated house prices are symptoms of a very deep problem that has had no time to heal. You only need to look at Greek history in Athens or Germany after world war one or the Euro Crisis to find out what is going to happen to your country.
I laugh when I speak to old people about how they got their first real job. They told me “back in their day, not many people went to University and they just got trained up on the job. ” Lol I wish life was that easy today.
Personally, I have taken responsibility of my own finances that’s why I invest practically all my paychecks into energy or petrol companies as they are very cheap to invest in $1 – $3 a share and pay tax free dividends.
Here is a very good video that explains why this is happening to the world. It is called (Seven Stages of Empire):
http://www.youtube.com/watch?v=EdSq5H7awi8&list=SPE88E9ICdipidHkTehs1VbFzgwrq1jkUJ
I want to thank you for creating this website as you seem like an actual genuine person who really cares about helping future graduates.
What I wish someone had told me when I first graduated was that it is ok to not be a workaholic. That your are not lazy if you want to work to live rather than live to work and to have some kind of life outside of work.
I feel like a lot of people feel pressure to be in fulfilling careers that that they are passionate about 100% of the time. This isn’t going to happen for most people and there is nothing wrong with that.