This is an excellent, MUST-READ article from today’s Economist.
Reading the Economist article quickly brought my mind back to my blog earlier in the year entitled:
To my amazement, my Moritz Erhardt blog was by far my most popular blog in nearly three years of blogging. I often wonder why?
In my mind, investment banking is still very much a winner-take-all business.
However bad the reputation of investment banking, I think that many sectors can learn from its ruthless results-orientation. In this regard, sadly, so much of the financial services sector needs a root-and-branch shake up. Other protected industries that come to mind are the UK’s former nationalized industries, and my scope would include utilities to airports. Of course, the antithesis of the culture in investment banking is probably the Public Sector. For me, the whole European Public Sector needs radical reform to improve competitiveness, and this includes the European Commission, central government, as well as local government.
Let me turn this to an open question:
- Bank intern Moritz Erhardt’s death prompts father to call for change in law (theguardian.com)
- Bank of America Merrill Lynch intern Moritz Erhardt died after overworking – Case for EU regulation? (dralfoldman.com)
- Bank of America Merrill Lynch intern Moritz Erhardt found dead after working long hours | Mail Online (dralfoldman.com)
- Moritz Erhardt: Extreme Personal Competition to the Death – John Gelmini (dralfoldman.com)
- Goldman Sachs Tells New Staffers to Work Less (origin-www.businessweek.com)