Goldman Sachs Group Inc. is telling its summer interns to take the night off.
Banking interns were instructed to leave the office by midnight and not return before 7 a.m., while also taking Saturdays off, Michael DuVally, a spokesman for the New York-based bank, said Wednesday.
Wall Street firms are attempting to reduce stress and improve conditions for their youngest workers. Goldman Sachs has increased salaries for junior employees and discouraged entry-level analysts from working weekends as many of the brightest college students seek careers in private equity or technology rather than investment banking.
Goldman Sachs hired just 3 percent of more than 267,000 job applicants last year, Chief Executive Officer Lloyd C. Blankfein said in February. Almost 90 percent of those offered a position chose to join, he said.
The new policy was reported earlier Wednesday by Reuters, which said Goldman Sachs has more than 2,900 summer interns this year.