Aug

21

 "Bank of America Intern Moritz Erhardt Found Dead After Working Long Hours"

Investment bank intern, 21, on £45,000 worked 'until 6am for three nights in a row' before he was found dead in his London flat.

What a culture. I believe the 100 hour work week became a self-fulfilling prophecy in city culture. It started as an exaggeration in one generation, but was interpreted as gospel by the next.

If senior dealmakers were made to be the last men out the office, you would suddenly find a large percentage of deal work rendered superfluous.

This is probably the most extreme (and sad) example of the Balassa-Samuelson effect that bringing productivity efficiencies to service businesses is much harder than non-service. Because it is hard to measure. Therefore everyone BSs and it become a war of rhetoric as to who works the hardest.


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