Business, Economics and Jobs

Bank of America to review policies after death of intern Moritz Erhardt


Bank of America has not yet reached the levels of consumer relief it promised after its fraudulent mortgage services scandal.


John Adkisson

Bank of America Merrill Lynch said Friday it would review the working conditions of junior employees, including interns, after the death of a German exchange student working at the firm’s London offices.

Moritz Erhardt, 21, was found dead in a shower cubicle at his student accommodation on Aug. 15 after reportedly pulling three all-nighters in a row at the bank.

Erhardt, who AFP said was believed to have suffered from epilepsy, had completed six weeks of a seven-week summer internship.

Bank of America issued a statement Friday expressing its shock at Erhardt’s death, and said it was organizing a group to review working practices at the bank.

"We are deeply shocked and saddened by the news of Moritz Erhardt's death. Moritz Erhardt was popular amongst his peers and was a highly diligent intern at our company with a bright future,” the bank said.

"Our immediate priority is to do everything we can to continue to support the Erhardt family, our interns and impacted employees at this extremely difficult time.

“We have also convened a formal senior working group to 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."

Erhardt had been studying business at the University of Michigan, while also attending the Otto Beisheim School of Management in Germany.

He had done internships at Deutsche Bank, Morgan Stanley and KPMG Consulting, the New York Times reported.