Non-US Citizen Applying for IB Summer Internship in the US

I'm not a US citizen, I'm currently a Canadian permanent resident studying at a Canadian university.

Can I still apply to US investment banks for summer internships under this status?
If I do apply and receive an offer, how would the visa process work? Would the firm sponsor me, or do I need to already have a visa that allows me to work in the US before applying?

Would really appreciate any insights or experiences from people who have gone through a similar situation. Thanks in advance.

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