Citi and Goldman Sachs are kicking off virtual internships this week. Here's how Wall Street's summer programs will work this year — and how you can impress remotely.
- Wall Street summer internships are looking different this year.
- From shortened programs to fully remote experiences, banks are looking for new ways to run their summer internships program.
- Goldman Sachs and Citi, for example, moved start dates for their 2020 interns back to July 6. Bank of America kicked off in June, and it will run summer programs for six to eight weeks.
- For banks, keeping interns engaged is key to filling their full-time hiring pipeline.
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Wall Street internships are looking different this year. From shortened terms to fully remote internships, banks have revamped the programs.
For young Wall Street hopefuls, landing an internship at a top bank is about more than a summer of schmoozing in Manhattan. It's a foot in the door for a full-time career.
And the banks, too, rely on the pipeline of interns to fill their new analysts classes. Ideally, after 10 weeks of training, working, and networking with senior leadership, top interns will want to return the following summer as full-time employees.
Be it a shortened program or a fully remote experience, banks need to make sure they are still attracting junior talent.
Goldman Sachs and Citi, for example, moved start dates for their 2020 interns back to July 6. Interns at other banks have already started — Bank of America kicked off in June, and it will run summer programs for six to eight weeks.
While some banks have guaranteed full-time offers for this year's class of interns, the shorter programs mean less time for hands-on experience.
Private-equity firms had been extending offers to investment banking analysts earlier and earlier in an analyst's tenure because of competition over talent. Last year, PE firms started hiring as early as September, offering analysts jobs not long after they started work at big banks like Morgan Stanley and Goldman Sachs, with start dates two years out.
But this year, recruiters have told Business Insider that there are questions around whether the virtual experience will give young people enough experience actually working on deals when it comes time for PE firms to start interviews — making it even more crucial for interns to get the most out of their weeks on the job this summer.
Business Insider has talked to execs about how Wall Street has reworked internships. Here's what to expect, and how to stand out.
Morgan Stanley was one of the first banks to make its summer internship completely virtual.
"Once we realized how the timeline for COVID was going to play out, it was a pretty easy decision, in theory," Jeff Brodsky, chief human resources officer at Morgan Stanley, told Business Insider. "Obviously it's going to be all about the execution."
Read more here:
'You can't just roll out of bed and turn on Zoom': Morgan Stanley's head of HR lays out how to impress in a virtual internship and land a job at the end of the summer
"The team is hard at work exploring existing and innovative new digital solutions to ensure you receive the engagement, mentorship, and relationship-building that make our summer internship program so special," Goldman Sachs said in a memo.
Read more here:
Goldman Sachs will host its interns virtually this summer, joining the likes of Bank of America and Morgan Stanley who are running remote programs
Goldman Sachs is delaying and shortening its summer internship, but will pay interns their full original offer
Bank of America
The internship programming will be similar to prior years, albeit virtual, Ebony Thomas, an executive in the firm's global human resources division, told Business Insider.
Read the full story here:
Bank of America's summer internship will be entirely virtual. A talent exec runs through how the bank's 2,000 global interns will learn, network, and volunteer without stepping into an office.
Citi is guaranteeing its summer interns in New York, London, Hong Kong, Singapore, and Tokyo full-time offers before their shortened five-week program.
The bank will also run its internship program virtually this summer, according to a memo sent to interns on May 18th.
Read the full story here:
Citi's head of campus recruiting explains why the bank just guaranteed full-time offers for interns, and shares its latest thinking on going virtual this summer
- Private-equity hiring is getting upended. From senior execs jumping ship to new timelines for scouting junior talent, 6 recruiters lay out what to expect.
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- Goldman Sachs' top tech exec explains how a fresh slew of senior hires are transforming the bank's approach to building products
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