SA getting paid for the full 10 weeks even if it’s virtual and Citi moving to 7/6 start
https://www.ft.com/content/0c66386e-c8b7-49da-b210-0243ab09c04d
Mr Bradley said most banks were planning to pay their interns in full as agreed and create some type of programme for them even if coronavirus meant they could not come to the office. “Financial services is so competitive that it would be hard to be the only one to cancel.”
Citigroup plans to tell its 1,500 interns it will push back their start date to July 6 from June 1, but will pay them for the 10 weeks they signed up for even though they will only work five, a person familiar with the bank’s plans said. Citi is also considering virtual options for the programme, the person said.
Finance companies’ biggest concerns about running virtual internships included network connection issues and virtual programmes being “too complex” to develop and manage properly.
Wonder how virtual S&T internships will play out, considering the nature of the internship is traditionally not as tangible as say IB or ER (e.g shadowing people, asking questions, and demonstrating interest) since interns cant legally trade
Based on my conversations with former interns and alum, there is always a space for deliverables for S&T interns like in IB. I think these deliverables might become the focus of the internship.
From what I hear, most interns are either the sales-type while others are more quant/CS-oriented. For the latter (I'm in this category), it's definitely possible to code interesting stuff from home, given some broad specs and sample data, which doesn't have to be real. For the sales-types, you can write news summaries or pitches at home, although I presume (correct me if I am wrong), that the people here probably are more evaluated on communication in the examples that you mentioned so handling how these folk are evaluated is trickier.
I'm just an incoming intern though, working off of what others have said. I just don't see many other ways the internship could play out realistically. Maybe we'd have to get on the phone with people on the desk? Interested to see how they handle it
Interesting...but that just sounds super tacky for the sales desks - How are u gonna differentiate interns just by having them write memos, file paperwork and do the occasional stock pitch? Doesn't seem very viable IMO - Although straight up hiring everyone (like Citi) doesn't seem very feasible as well, mentor of mine (VP trader at BB) says the SA pool is defo larger than the actual hiring pool...
but then again I'm just an intern what do I know
Just to be clear, it is not definitive that Citi is going to delay. Yeah, it will probably happen, but it is simply according to an anonymous person familiar with the plans.
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