Finance

Goldman Sachs wants interns in the office this summer as rivals stay virtual

Goldman Sachs plans to bring thousands of interns into the office this summer, a year after the world’s largest investment banks were forced to shift a vital pipeline of entry level recruitment online.

The US bank has told incoming summer analysts to expect this year’s internship to be in-person, a move out of line with some of its Wall Street rivals which expect to kick off their training programmes virtually, according to people familiar with the matter.

Wells Fargo interns within its corporate and investment banking unit will stick with the virtual format, while Morgan Stanley has said that it expects its summer programme to start out online.

Goldman could change this plan depending on Covid-19 infection rates, however. It takes on around 3,000 interns globally each year and receives tens of thousands of applications.

In April last year, Morgan Stanley was the first major investment bank to say that it would move the bulk of its summer internship online as Covid cases surged across the world. Most banks quickly followed suit, however, with Citigroup committing to full-time offers for 75% its interns, and JPMorgan and Goldman shortening the length of the programme as it moved online.

READ JPMorgan lures juniors with boxing classes as City’s young flee banking just months into the job

While few banks have unveiled formal plans for this year’s summer internship programmes, which generally provide the bulk of their graduate hires, there is a growing appetite from senior executives to ensure juniors return to the office for training opportunities.

David Solomon, Goldman Sachs’ chief executive, told a recent conference that working from home was an “aberration that we’re going to correct as soon as possible”. He added that it was a particular concern for entry level roles.

“I am very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said.

READ Goldman Sachs boss David Solomon slams WFH as an ‘aberration’

Most analysts to start their careers at major investment banks in September have spent the bulk of their time working from home amid a second wave of Covid-19 infections globally. With many struggling in cramped apartments, away from their family homes for the first time, banks have pulled out the stops to keep them engaged.

JPMorgan has offered virtual boxing lessons and ‘escape room’ games, while Goldman Sachs has matched juniors with senior bankers and launched coffee meetings for mentoring, while Citigroup is considering walking meetings to get juniors away from their screens.

To contact the author of this story with feedback or news, email Paul Clarke

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