We found out recently that the days of the glamorous Wall Street interns are quickly fading away (despite having a supermodel as a colleague). According to Dealbook, interns at big firms like Deutsche Bank, JPMorgan and Goldman Sachs are often working 85-hour workweeks and are staying until the wee hours of the morning. According to Dealbook, “Anticipating an uptick in deal activity, some banks assembled larger intern classes this year. JPMorgan Chase, for example, increased its intern class to 1,500 from 1,250 positions nationwide, according to a company spokesman. And demand at top-flight colleges for the internships, which had tailed off slightly during the financial crisis, has come roaring back. “Managing directors are telling interns, ‘We’re going to need you to step up,’ ” one bank recruiter said to Dealbook.
But don’t feel too sorry for these college students. First of all many of them are banking about $15,o00 for 10 weeks of work. That is certainly more than their friends working as lifeguards are making. Second, according to Dealbreaker, JPMorgan interns are spending their Fridays having crazy, fun White Castle hamburger eating contests. Mogulite editor Amy Tennery wrote “three interns involved have already tied twice so far. (They’re allegedly doing multiple rounds.) The current five-minute record is, apparently, 11 minis. And these are the people who will control your money one day. If they aren’t too busy treating their hypertension and gout.”