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The pandemic has forced the world’s banks to shake up the structures of their internship programmes. Photo: Felix Wong

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.”

The coronavirus, which causes the Covid-19 disease, has infected more than 4.6 million people and forced businesses to temporarily close offices and stores and limit contact between teams of employees to help stem the spread.

At Citigroup, the American bank has accepted 1,500 interns to its summer programme globally this year, with 130 of them in the Hong Kong programme.

But, none will be in the lender’s offices worldwide.

The entire experience will be virtual, as more than half of its staff in Hong Kong are still working from home, and the bank wants to avoid travel issues for interns coming from outside Hong Kong and its other corporate centres. The Hong Kong class includes 17 different nationalities, including students from Europe, the United States and other parts of Asia.

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“We have refurbished our whole programme to make it virtually viable,” Angel Ng, Citi’s chief executive for Hong Kong and Macau, said. “The contents of it will cover the same areas we want to bring to the interns, including some of the orientation of how we navigate and how we do business, as well as a deep dive into the key skills that are relevant in various businesses they’re interested in. They will have project assignments, and there will be assessments at the end of it.”

Like many of its banking rivals, Citi’s summer programme will start on July 6, nearly a month later than normal, and only last for five weeks. The bank plans to pay its summer interns for the full 10 weeks the programme normally runs for, and to offer full-time positions to all of its interns in Hong Kong, London, New York, Singapore and Tokyo, if they complete the minimum requirements of the programme – a first for the bank.

Last year, only about 70 per cent of Citi’s interns received offers to return after completing their education, but the rate of those receiving job offers can vary by year, or line of business.

Goldman Sachs, JPMorgan Chase and UBS have also committed to paying their interns for the full period despite shortening their programmes this year.

“What will be missing – and we are trying very hard to think of new tricks and new ways to do it – is the networking part, the get to know each other part of it,” Ng said. “[The summer interns] get together after work and have a drink. They have access to different senior colleagues. We want to give them that opportunity, but we have to think about how to do it virtually.”

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The bank has made it possible for 90 per cent of its staff to work remotely during the pandemic and will apply those lessons to its internship programme, Ng said. That has ranged from virtual road shows for initial public offerings to team-building exercises such as virtual happy hours internally, she said.

Christy So, a 20-year-old global business major at Hong Kong University of Science and Technology, said she has been communicating with friends and classmates through the video conferencing app Zoom, after the pandemic disrupted classes and cut short her exchange programme at the University of Southern California this spring.

“Even before this Covid-19 new reality happened, in school, we had projects working with universities from America. We were having these virtual meetings already,” So, who will intern in Citi’s investment bank this summer, said. “For work, I believe this kind of mindset, this [comfort level] can be easily transferred.”

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Citi is not the only bank going virtual this year. Other banks in Asia, including Goldman Sachs and UBS, are working on plans for interns to work remotely, or engage in virtual gatherings depending on their location, as travel restrictions for non-residents remain in place in Hong Kong, and some cities, such as Singapore, remain under lockdown because of health concerns.

HSBC said it will continue its internship programme in Hong Kong across different business lines between late June and August. “Currently, we are looking at all options in terms of formats, which can include a combination of virtual and in-office interactions,” a HSBC spokeswoman said.

Deutsche Bank, which has shortened its programme to four weeks, plans to host all of its interns in Asia virtually this summer.

At JPMorgan Chase, the bank has already moved several of its in-person student programmes, such as its Sophomore Edge and Financial Services Institute for under-represented portions of the population in financial services, to virtual settings amid the pandemic.

Ryan Holsheimer, JPMorgan’s head of cash equities and equity distribution for Asia-Pacific, said the bank had about 300 students in its shortened, fully virtual summer programme in Asia this year.

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“One of the most significant parts of our role is to help identify the next wave of talent, the next group of young people to come in and join the business to take us forward,” Holsheimer said. “No matter the challenges, we’re very determined to not only run the internship really well, [but] to ensure it is a great experience for the kids and that it’s a great experience for my colleagues as well.”

In addition to virtual meetings with their teams, the interns have the opportunity to engage in online networking and well-being sessions, such as the company’s popular flexing and stretching programme, Holsheimer said. The change will allow interns from Hong Kong, Singapore and Tokyo to interact more than they would in the past, he said.

“You miss a little bit from [not] doing it in person, but what you gain is people are interacting with a broader group across geographies,” he said.

This article appeared in the South China Morning Post print edition as: HK’s global banks go virtual for summer internships
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