Firms includingJPMorgan Chase & Co.,HSBC Holdings Plc andNasdaq Inc. are making changes to their summer internship programs, including delaying their start, making them shorter or moving them online, as the coronavirus pandemic shifts work arrangements across the finance industry.
JPMorgan pushed back the start date of its internship program to July 6, and is exploring a virtual format if necessary for safety reasons. The incoming class of more than 3,000 interns globally will still be paid for full nine-to-10-week internships despite the program being shorter than planned, a company representative said.
Finance internships typically last nine to 12 weeks and include orientations, guest-speaker events and group projects — collaboration limited by stay-at-home orders in cities around the world aimed at combating the virus’s spread. Companies are grappling with how to handle interns and post-graduate recruits who are generally given summer offers months in advance.
Nasdaq said Friday that its summer program would be fully virtual, followingCapital One Financial Corp., which was thefirst major U.S. bank to move its program online. Capital One said earlier this week that it will still pay its 1,000 interns the full amount outlined in their offer letters, including housing stipends.
HSBC pushed the start date of its internship and post-graduate programs, which were set to begin in June and July, respectively, to later in the year. The London-based bank offers internships and graduate programs in locations including Singapore, China, the Middle East, the U.S. and the U.K., according to its website.
“We understand that prospective candidates may be disappointed,” the company said in an emailed statement. “However, we’ve made this decision to safeguard our current and future workforce.”
Bank of America Corp. said this week that its 2,000 summer interns and 1,000 campus recruits will start asscheduled in June and July, respectively. The lender didn’t specify whether the new hires would work remotely, saying it would finalize plans for bringing them on board later.
— With assistance by Harry Wilson, and Lananh Nguyen
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