Global banks in Hong Kong shorten annual internship programmes, go virtual as coronavirus pandemic upends office life
- Banks from Citigroup to JPMorgan Chase are shrinking the length of their summer programmes and are switching to virtual curriculums
- Some banks are offering full-time jobs to everyone when they complete their internships this year
Each June, the next generation of investment bankers, research analysts and fund managers from across the world flock to Hong Kong for on-the-job training that could lead to highly lucrative roles at some of the biggest investment banks globally.
But, the coronavirus pandemic – and the need for people to continue to social distance from each other – has forced the world’s banks to shake up the well-honed structures of their internship programmes and dramatically curtail the amount of face time university students and postgraduates have with top bankers.
The length of the programmes at several global banks in Hong Kong have been cut in half and are expected to be delayed until late June, or early July. Interns will also not be grabbing lunches for trading desks, or soaking up small talk around the water cooler this year, as most banks are taking their entire programmes online.
One solace for aspiring future finance executives – most will be paid for the full 10 weeks the programmes normally run, and Citigroup, for one, has promised full-time jobs when they graduate.
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“Having this promise definitely makes me feel more secure. It gives me a sense of certainty,” said Elly Leung, a 21-year-old double major in business administration and law at the University of Hong Kong and soon-to-be intern with Citigroup’s corporate bank. “It’s certainty in these uncertain times.”