At Goldman Sachs, interns have a new curfew for leaving the office.
In a policy shared recently with this year’s crop of interns, the firm said they should make sure they arrive at work no earlier than 7 a.m. and leave by midnight, putting the kibosh on any all-nighters in the office. The news was first reported by Reuters, and confirmed by a Goldman Sachs spokesperson.
The new guidelines follow a series of changes made by Goldman Sachs to try to improve the work experience for junior bankers, including offering pay hikes, adding mentoring programs and hiring more of them to help with the workload.
Meanwhile, Goldman has tried to lessen their hours, at least relatively speaking. In late 2013, for instance, Goldman began requiring junior bankers to be out of the office from 9 p.m. on Friday until 9 a.m. on Sunday. Other banks like Credit Suisse and Bank of America Merrill Lynch later added similar rules, such as suggesting that young employees take off at least four weekend days a month.
Ironically, however, Goldman’s new policy reminds us how brutal the hours still really are. (Free from midnight to 7 a.m.! What will they possibly do with all that time?)
It also reminds us how hard-to-change such cultural norms can be. If there has to be a policy like this, it’s probably because the demands and expectations that lead to such hours are still firmly entrenched — even for new interns.