Goldman Sachs Group Inc has told its summer investment banking interns not to stay in the office overnight in a bid to improve working conditions for its junior staff.
The move, according to company sources and confirmed by a Goldman spokesman, illustrates how Wall Street banks are seeking to curb excessive hours worked by young employees who see internships and entry-level jobs as a chance for a lucrative investment banking career.
Goldman has told its new crop of summer banking interns they should be out of the office between the hours of midnight and 7 a.m. during the week.
Goldman to summer interns: Don't stay in the office overnight
Lloyd Blankfein, Chairman and CEO of Goldman Sachs, speaks in a panel discussion, "Equality for Girls and Women: 2034 Instead of 2134?" at the Clinton Global Initiative, Wednesday, Sept. 24, 2014 in New York. (AP Photo/Mark Lennihan)
A screen at a trading post on the floor of the New York Stock Exchange is juxtaposed with the Goldman Sachs booth, Thursday, Oct. 16, 2014. Goldman Sachs Group Inc. on Thursday reported third-quarter profit of $2.24 billion. (AP Photo/Richard Drew)
NYSE Floor Governor Rudy Mass calls out prices during the IPO of Goldman Sachs BDC, on the floor of the New York Stock Exchange, Wednesday, March 18, 2015. (AP Photo/Richard Drew)
A board above the trading floor of the New York Stock Exchange shows the record closing number for the Standard & Poor's 500 stock index, Thursday, Oct. 17, 2013. (AP Photo/Richard Drew)
In this Wednesday, Sept. 25, 2013 photo, Lloyd Blankfein, Chairman and CEO of Goldman Sachs, speaks during the panel discussion "Creating Long-Term Value in Emerging Markets" at the Clinton Global Initiative, in New York. (AP Photo/Craig Ruttle)
Goldman Sachs chairman and CEO Lloyd Blankfein speaks at the inaugural Goldman Sachs 10,000 Women/US State Department Entrepreneurship Program for women in the Middle East and Northern Africa on March 9, 2015 at the State Department in Washington, DC. AFP PHOTO/NICHOLAS KAMM (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
Goldman Sachs Manhattan headquarters are viewed on January 16, 2015 in New York City. (Photo by Spencer Platt/Getty Images)
Chairman and CEO of Goldman Sachs Lloyd Blankfein speaks onstage during The New York Times DealBook Conference at One World Trade Center on December 11, 2014 in New York City. (Photo by Thos Robinson/Getty Images for New York Times)
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Goldman and other banks have taken steps over the last several years to encourage junior employees, known as analysts and associates, to take time off in a profession notorious for all-nighters and 100-hour work weeks.
The moves came after the death of a Bank of America Corp intern in London in 2013 fueled concerns over working excessive hours. It was later revealed the intern died of natural causes.
Soon after, Goldman told its junior bankers to take Saturdays off and also formed a task force to address quality of life issues.
Bank of America said at the time it would recommend junior employees take off a minimum of four weekend days per month.
Wall Street summer interns are typically college juniors who work as analysts and business school students who serve as associates.
Goldman has more than 2,900 summer interns this year.
Goldman ranked as the top worldwide M&A adviser last year, according to Thomson Reuters data. The bank advised on 449 deals with a total value of $983.9 billion.