Life has become very tough for Wall Street interns. Once showered with perks and time off, interns are now forced to work excessive hours and forego extravagant parties, DealBook reports. Blame weaker bank earnings and recent layoffs.
Although interns have always been expected to work hard for the privilege of putting Wall Street on their resumes, the hours are now more gruelling than ever. DealBook quotes one intern who worked 85 hours a week, and another who had to work until 3 am. In the past, hard work would have been rewarded with flashy perks.
"In 2006, a group of JP Morgan Chase interns took a firm-sponsored trip in white Hummer limousines to the trendy NoHo nightclub Butter, where they partied before retiring to swank rooms at the Hudson Hotel, according to a person who was present," DealBook reports. "The next year Lehman Brothers took interns to Jones Beach for a concert featuring OK Go and the Fray, and Credit Suisse paid for its interns to take gourmet cooking classes, according to former interns at the banks."
For those interns expecting such perks today, sadly that's no longer the case.
Three former Credit Suisse bankers charged with aiding tax evasion. [Reuters]
Santander may delay UK business IPO to 2012 due to tough markets. [Dow Jones]
New York City securities industry jobs up 2.1% in June despite recent cuts. [MarketWatch]
Maverick Capital Management wants to seed fledgling fund managers. [Bloomberg]
Ex-Lehman investment banking head enters rehab to avoid prescription forgery charges. [DealBook]
Japan's Mizuho seeks hefty stake in Vietnam's largest lender. [BusinessWeek]
Asia's new hedge funds raise $2.86 billion so far this year, more than established funds. [FinAlternatives]
UK FSA investigates Castlestone Management, raids offices. [Reuters]
Kentucky financial sector stable due to strong capital positions, regulator says. [BizJournals]