- Goldman Sachs will host its interns remotely this summer, according to a memo sent to interns Tuesday.
- Goldman joins the likes of Bank of America and Morgan Stanley, who have already made the switch to remote internships.
- Interns are a key talent pipeline for banks’ full-time hiring, and a large part of that recruiting involves the training and networking opportunities offered in the office.
- Goldman is exploring ways to recreate those experiences online, the memo said.
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Goldman Sachs will host its class of summer interns virtually this year due to the coronavirus pandemic, the bank announced Tuesday.
It’s the latest Wall Street firm to make the decision to host interns remotely, joining the likes of Bank of America, which announced it’s virtual programs Monday, and Morgan Stanley, which was the first major bank to announce a virtual program in April.
The memo was sent to all global interns, excluding India.
In April, the Goldman notified interns that their programs would be shortened from five to 10 weeks, with the start date pushed to July 6. Like other banks who have shortened their programs, Goldman’s interns will still be paid for the full 10 weeks they signed on for.
For banks, summer interns are a key piece of the talent pipeline that feeds full-time hiring. And part of that is the training, working, and networking experiences that interns typically have when they arrive in the office.
“The team is hard at work exploring existing and innovative new digital solutions to ensure you receive the engagement, mentorship, and relationship-building that make our summer internship program so special,” Goldman said in the memo.
In anticipation of the shortened program, the firm will host a series of virtual events to engage its interns.
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“In the spirit of staying connected, we will offer a series of optional pre-internship engagement offerings, including virtual townhalls with Goldman Sachs leaders, virtual roundtables, and the ‘Get Set for Summer’ newsletters which highlight timely insights and thought leadership,” the firm said in the memo.
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