For years, getting a job at a Wall Street bank, a Magic Circle law firm or a blue-chip management consultancy was a route to a very rewarding career in return for an awful lot of work. Lately, the bargain has lost some of its appeal to the best and the brightest.

The death last year of Moritz Erhardt, a German student who was interning at Bank of America in London, was one prompt for a rethink among investment banks about how they treat young employees. So too, is growing competition for talent from technology companies that offer equity, informality and less relentless work demands.

Both Bank of America and Credit Suisse have announced measures to curb the tradition of making young bankers work into the early hours and through weekends on spreadsheets and pitch books. Law firms are trying to curb attempts by juniors to shine by billing incredible numbers of hours. Consulting firms are telling partners to show a little respect for their juniors.