Its a norm for incoming associates, recruited from elite universities, to work at prestigious banks and investment banks. These people are basically high-level secretaries, gophers and spread-sheet operators for the bank VPs and partners working on large deals.
They are very well-paid for 23 year-olds, but its real grunt work and the hours are awful. Most do it for 2 years to gain experience, build their resume, or get into a good MBA school
Remember the other guy who died was a former Green Beret.
They don’t work 40 hrs a week.
Investment banking has some grueling hours for more than just the grunts. The “100-hour” IB was 35, though that is probably an exaggeration.