http://www.glassdoor.com/Intern-Salary/Merrill-Lynch-Interns...
It's absolutely insane, and the intern's manager should have stopped him from working so much, even if he was never explicitly required to work that much. During my internship, my manager sent me home even if I wanted to work more.
As a full time analyst, you work same hours though...
The thing is, everyone who gets to investment banking knows what she signs up for. You are actually asked during interview "how much do you expect to work?"
I was really shocked when I moved from this to Google where all that mattered was the outcome and I did more work in 50h per week...
People in investment banks waste time on most idiotic things. The most drastic example I remember was importance of order of people in the To field in the email (People had to be ordered by their seniority)
Sleep deprivation is considered torture for good reason. You can be sure that it didn't improved his health.
My personal record is diablo 1/heroes 3/bridge mixed session for 120 hours straight - at the end I felt pretty miserable. Throw some genetic weakness into this kind of load and you have potent disaster recipe.
Source: my wife is epileptic.