IT TOOK AN INVESTMENT BANK INTERN'S DEATH FOR BANKS TO REALISE THEY WERE WORKING THEIR STAFF TO DEATH

(Culled from The Wall Street Executive)

 

It only took an investment banking intern’s death for banks to realize that they are working interns to death.

 

Credit Suisse yesterday became the latest investment bank to tell its interns and junior employees to take more time out of the office, after increased worries that young staff are pushing themselves dangerously hard. The giant Swiss bank has told junior staff they should try not to come into work on Saturday, in an effort to give them some time off.

 

The wave of new guidelines sweeping the industry marks a sharp change of practice for the sector where young employees expect to work long hours and take few days off.

 

 Competition typically begins with internships where students work all hours over their summer breaks in a bid to impress bosses and get taken on as full time staff. There is no let up after that stage as analysts and associates – typically the bottom rungs of the career ladder – again have to get ahead by working harder than colleagues. The new staff also want to impress clients both to stop them leaving for rival banks and to make sure they get to work on the biggest deals.

 

 

To reduce some of the pressure of this constant race between young staff, some of the biggest names in the City and on Wall Street have introduced new guidelines.

 

Bank of America Merrill Lynch has told interns to take at least four weekend days off each month. Analysts and associates are also being required to use up their full holiday allowances each year.

 

Goldman Sachs’ boss Lloyd Blankfein has told junior staff to take more time off.

 

Deutsche Bank is also thought to be working on a similar plan.

 

JP Morgan is hiring more interns and junior staff to spread the workload further, an idea also understood to be under consideration at Barclays’ investment banking arm.- See more at:

 

 

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GOT YOUR BACK? Exercise to build a strong back

Stiff Legged Barbell Good Mornings:

This works your lower back, giving your spine the stability required to move heavy loads without sustaining injury
 

This exercise is best performed inside a squat rack for safety purposes. To begin, first set the bar on a rack that best matches your height. Once the correct height is chosen and the bar is loaded, step under the bar and place the back of your shoulders (slightly below the neck) across it.

Hold on to the bar using both arms at each side and lift it off the rack by first pushing with your legs and at the same time straightening your torso.

Step away from the rack and position your legs using a shoulder width medium stance. Keep your head up at all times as looking down will get you off balance and also maintain a straight back. This will be your starting position.

Keeping your legs stationary, move your torso forward by bending at the hips while inhaling. Lower your torso until it is parallel with the floor.

Begin to raise the bar as you exhale by elevating your torso back to the starting position.

Repeat for the recommended amount of repetitions.
 

Caution: This is not an exercise to be taken lightly. Be cautious with the weight used; in case of doubt, use less weight rather than more. The stiff-legged barbell good morning is a very safe exercise but only if performed properly.