BofA reviewing work conditions for junior workers
Bank of America Merrill Lynch said Friday that it will be reviewing working conditions of its employees, particularly those of junior staffers, after the death of one of its interns.
Moritz Erhardt, 21, died Aug. 15 in London. Police there said the death was being treated as not suspicious, which means there was no reason to believe anyone else was involved. The circumstances surrounding the death are not yet known.
Some reports speculated that long hours in a competitive environment, common practice in the financial industry, may have played a factor.
A senior formal working group will "consider the facts as they become known, to review all aspects of this tragedy, to listen to employees at all levels and to help us learn from them," the Charlotte, N.C.-based bank said in a statement. The company would not say who was serving on the group or when results are expected.
"We are deeply shocked and saddened by the news of Moritz Erhardt's death," the company said. "Moritz Erhardt was popular amongst his peers and was a highly diligent intern at our company with a bright future."
Bank of America said that its immediate priority was to support the Erhardt family, its interns and affected employees.