Softer servitude
Goldman Sachs cools interns’ crucible
Goldman Sachs’ Class of 2015 interns — totaling 2,900 — are now getting cushier jobs.
The whiteshoe firm is going easy on its new recruits, telling them to go home before midnight and not show up before 7 in the morning, the company said Wednesday.
The summer help, who are preparing for highpowered careers in the financial industry, work as analysts and associates, performing the same duties as Goldman Sachs employees for 10 weeks, according to the firm.
They are paid a paltry salary compared with their fulltime cohorts. They do not get overtime for pulling allnighters, according to spokesman Michael DuVally.
Only the interns in the investment banking arm, however, are entitled to the lavish sevenhour break, but there is a possibility that will change in the future, DuVally told the Post.
“This is an ongoing process, and we’ll make further changes when we identify areas we can improve,” he said.
It’s been a tumultuous year for interns so far: Barclays banker Justin Kwan was fired this month after sending the bank’s new interns an email explaining how to get ahead.
Kwan had told the fledgling bankers, “Never take your jacket off, this is investment banking.” And “Bring a yoga mat to sleep on under your desk.”
The changes in attitude at Goldman Sachs come nearly two years after 21yearold Bank of America intern Moritz Erhardt died from an epileptic seizure after working 72 hours nonstop at the London office.
BofA implemented regulations for total work hours and weekends off for interns and junior bankers shortly after the incident, spokesman John Yiannacopoulos told The Post.
Condé Nast discontinued its internship program in 2014 after getting embroiled in a lawsuit over not paying interns who worked for its magazines, including Vanity Fair, GQ and Vogue.