Goldman Sachs has become the latest bank to cut the length of its internships (summer analyst programme) this summer.
The U.S. bank sent this summer's incoming interns an email saying that as a result of the current global health situation, the internship will be shortened to five weeks in total and begin on 6 July.
In a normal year, Goldman's summer internships are at least 10 weeks in length. The firm will continue to pay people for the entire program - thereby granting its interns' five weeks paid holiday (which they will potentially have to spend at home).
Goldman is the latest bank to opt for a truncated virtual internship in light of the virus. The Financial Times reported yesterday that Citi plans to delay the start of its internship from 1 June to 6 July. As we reported in March, various banks have been considering moving both internships and full time analyst training programs online this year, but a virtual approach appears less compatible with a ten or 12 week program.
Online internships may make it harder for interns to rotate between desks and to develop at network that will enable them to secure a job when the entire thing is over. However, graduates at Goldman and Citi can at least feel thankful that the internship is taking place. - Santander and Lloyds have cancelled their internships in the UK this summer, and private equity fund Terra Firma has cancelled its graduate intake.
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