Another New York Summer Tradition Has Been Snuffed Out By COVID-19 - Dealbreaker

We here at Dealbreaker will not be having a summer intern this year. Which is just as well, because, for all intents and purposes, neither will anyone else, and thus there would be nothing for her to report on.

Goldman Sachs bit the bullet and moved its summer internship entirely online, following Wall Street rivals in overhauling its programme in the wake of the coronavirus pandemic…. Goldman had already halved the length of its internship to five weeks in April because of the Covid-19 crisis.

Goldman’s rival JPMorgan told interns in April that it was offering a “fully virtual internship” in a bid to deliver a “meaningful internship experience while doing all we can to protect your health and well-being”.

Morgan Stanley had said that it expects the majority of its internship to be online, while also shortening the length to around five weeks.

European banks have followed suit in recent weeks, with Swiss bank UBS telling its 2020 interns that its programme will be virtual, while Deutsche Bank has shortened its internship to between two to four weeks and moved it entirely online

Of course, like business school, there’s so much more to summer internship than work, such as drinking, sleep deprivation, drinking, getting licked by superiors, drinking, trips to the Hamptons and still more drinking. Oh, also, getting a job at the end: That’s not a sure thing, either.

Goldman has stopped short of following US rival Citigroup in offering full-time roles to this year’s interns in key locations including London and New York.

Goldman Sachs tells interns their summer programme will be fully online [FN]

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