Summary List PlacementWells Fargo corporate and investment-banking interns dreaming of starting their careers on Wall Street will again find themselves doing so from the confines of their computer screens this summer.
That’s according to a memo that Wells Fargo sent on Monday, in which the firm told incoming corporate and investment-banking analysts and associates that all of its 2021 summer internship and full-time training programs would once again be virtual.
This year will mark the second summer in which firms across Wall Street are contemplating whether or not to conduct their internships remotely as the coronavirus pandemic has yet to wane.
The corporate and investment-banking internship program will run from June until August, the memo says, which was viewed by Insider. Since they’ll be working virtually, summer analysts will not be required to relocate.
Neither will full-time analyst and associate hires, who will be able to complete their training programs remotely, too, the memo added. For full-time hires going through training, the firm plans to abide by its financial commitments including stipends for relocation expenses.
Wells Fargo noted in its memo that it would consider reevaluating its decision to go virtual based on what is most sensible at the time, presumably a reference to safety conditions related to the coronavirus pandemic by late summer.
In a statement to Insider, a representative for Wells Fargo confirmed the firm’s decision to go virtual for these internships and training programs.
“Our top priority remains the health and safety of our employees, students, customers, and the community,” the spokesperson said, explaining the rationale underpinning the firm’s decision.
Wall Street firms are wrestling with difficult choices around whether to go virtual again in summer 2021
Contemplating whether or not to once again host their internships virtually has been a difficult decision facing banks this year.
Throughout the pandemic, Wall Street bosses have expressed frustrations about the fallout of ongoing remote work, and an eagerness to get people — particularly junior talent, like interns — back to the office, and fast.
Training summer interns is about more than giving them the chance to soak up the office vibe and experience the reality of late nights eating at their desks.
Summer internships are a critical pipeline for banks to cultivate their future employ. And, for that reason, thousands of interns flock to investment banks every summer in the hopes of impressing managers and landing full-time offers by the end of those stints.
Last week, Goldman Sachs CEO David Solomon called virtual training for entry-level finance-industry professionals “an aberration,” doubling down on the sentiments held by some senior finance execs who fear that protracted remote work is depriving a new generation of bankers precious opportunities for face time and hands-on education with managers and colleagues.
“It’s an aberration that we’re going to correct as quickly as possible,” Solomon said while speaking at a virtual Credit Suisse conference.
“I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he added, primarily referring to the firm’s global internship class, which numbers more than 2,000 students.
“We’re going to do everything we can to adapt, and we’ll have to adapt to whatever the environment is, but to not put ourselves in a position where we’ve got another class of people coming in — 3,000 young people coming in — that aren’t getting more direct contact, direct apprenticeship, and direct mentorship,” Solomon said.SEE ALSO: Goldman Sachs CEO David Solomon wants this summer’s interns in the office and says remote work has had an ‘enormous impact’ on how the bank operates
SEE ALSO: Applications for Wall Street summer internships in 2022 are already opening. Here’s why the talent war for undergrads is starting earlier and earlier.
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