The title pretty much speaks for itself. Given the current state of the pandemic, what do guys think of the chances that the 2021 banking internships will be virtual again? Mainly thinking of NY/Bay Area/Chicago (no disrespect to my regional office fellas!)
I've heard good (and of course bad) things about last year's virtual internships, and I think a lot of banks are kinda getting used to remote working at this point. But again, who doesn't want to get back to normal again, right?
>who doesn't want to get back to normal again, right?
I dont want it to go back to normal. Commuting, no naps/working out during downtime, expensive rent, no jerking off whenever. I wonder what the senior guys think.
you're right... but I'm also thinking from the management's perspective. Not sure if they all believe wfh long term will be best for the productivity of the company.
Hard as fuck to get new analysts up to speed (especially one's that came on FT during WFH that didn't intern).
If you're an associate, this means you're having to either:
(a) spend way more time showing a new analyst how to do something over zoom vs just having them bobsled at your desk / going to his or her cube to hop on the sticks
(b) you'd like to save yourself the extra 3 - 5 hours it would take to show the analyst how to do some model edit, wait for them to do it, have them turn the mistakes you found (e.g. more zoom instructional videos in excel), and check it again by just saying "fuck it, I'm just going to do this myself"
Nothing is official yet, but I would say there’s almost no chance SA won’t be virtual this year. It’s far from ideal, but I don’t think banks are going to risk an HR disaster by having a COVID outbreak involving interns
Hitting me with MS won’t increase your chances of being in-person for SA. Being in the office provides a much better learning experience, but the fact is we’re still in the middle of a pandemic with cases continuing to rise and vaccine distribution has been anything but efficient (in the US at least). I’m hating WFH too, but it’s not up to me
Any guess when the firms will announce it?
I have no clue. My firm (MM) set a deadline for 30 days before the start date, I’m assuming most others are doing this too. Some banks will probably announce earlier, some banks might wait until the last second
I think it’s logistically impossible for BB. There are going to be so many committees, “health experts” and others involved. Look at the upside/downside...if someone in the office tests positive (highly likely) the office will need to go remote for at least a week. If that happens a few times the internship is a wash. They’ve invested the money into virtual already. It’s a really tall order for BBs to say the least. Maybe boutiques are more likely?
Sometimes the responses to these threads seem to be from people who don’t understand the speed at which some of these places move. Banks love red tape and drawn out processes. Additionally, the full service banks with a ton of locations are going to need to role out at least somewhat uniform policy across the bank. Be aware that the entire focus of the organization is not making sure SA is in person. The COO and other relevant parties will be juggling a lot. Plus it’s en vogue for employers to be really cautious. To me, the above says virtual...just my opinion though.
I think it will be remote for many reasons: - Vaccines aren’t going to be fully out to everybody by this summer -Someone already mentioned about a covid outbreak in the office if someone tests positive in which they would shut down the entire office. - Even with vaccines, there are government issues as to how many people can be in a single space. Packing everybody in the office isn’t ideal and firms won’t take chances for legal reasons. not to mention NYC doesn’t even allow indoor dining
My guess is firms will soon confirm this bc they don’t want to discourage students so early that it will be remote again. I could be wrong and I hope I am bc working from home sucks.
I’m not trying to sound negative and I know I’ll get monkey shit bc people want to go back to the office to work and so I do. But if you look at it realistically, we won’t go back to the office till next summer of 2022.
When do you think firms will confirm the plan? I know they did it in early April last year, but the pandemic started in mid-March.
My personal opinion is SA 2021 will be relied on how fast vaccines can be out by May. What are the upcoming issues with people refusing the vaccines? Can major cities go back to normal by May? as most of them are in lockdowns with most businesses closed/barely getting by. Is 3 months enough for all these issues to be resolved ? Highly unlikely.
My say is that HR will tell students it will be virtual by April to give enough time if things have changed/progressed from right now.
Many universities are now in-person or hybrid, or have now opened up dormitories for their students. If they can do it, I dont see why firms cant
age
unis are doing it to not lose enrollment/money
Currently, at MS. HR just pushed out an update to interns confirming virtual summer.
Any chance you could elaborate? As in for all divisions and offices? Just trying to gauge what the BBs are starting to do since I'll be at one this summer and I assume they'll probably follow in each others footsteps. Thanks!
This applies to all divisions. It was a firmwide decision, the email was from the Chief HR officer.
JPM London - 99% virtual
Anything on BNP?
Very high
UBS just sent an email out stating that 2021 SA will be virtual for all US divisions.
Is it still full length and pay?
everything is still the same... just in a virtual setting.
Any update from Barclays?
Higher chances than the last time this was asked, an hour ago
GS just said they are still trying to get us in the office for at least part of it...honestly pretty surprised
I’m genuinely surprised myself - looks like i’ll be paying NYC rent this summer after all
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