Citi was one of the first banks to inform incoming interns that it would shorten this year's internships by a month, something which Goldman Sachs subsequently did too. The likelihood is that all banks will move to virtual internships as a result of COVID-19, although Citi has yet to commit to this clearly. Where Citi leads, other banks may follow. In some cases and at some banks (not Citi specifically), only 50% of interns receive job offers. In a typical year, it's usual for interns at all banks to compete for openings available, and to rotate between desks - some of which may not even be hiring. It will therefore be considerably easier to 'convert' this year's Citi internships into full time job offers than during a normal year. The minimum requirements are fairly minimal: they simply stipulate that Citi's interns engage with the particular aspects of the program. In a memo sent today to this summer's incoming interns, Citi has promised that interns attending its 'abbreviated program' will receive full-time offers from Citi upon graduation as long as they meet 'minimum requirements.' COVID-19 is a generational disaster in myriad ways, but if you're an intern at an investment bank this summer it could have some significant advantages.
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