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What’s happening with Wall Street’s summer internships

With New York City in lockdown for a while longer, thousands of graduates are fretting about the future of Wall Street’s sought-after summer internships. Here’s what Michael has found about what major financial firms are doing.

Many are pushing back their start dates. Citigroup, Goldman Sachs and JPMorgan Chase are delaying the start of their internships to July 6, from June. All three firms told interns that they would still be paid for the entirety of the nine to 10 weeks that their programs were scheduled to run.

• Citi said that summer interns in New York, London, Hong Kong, Singapore and Tokyo would receive full-time job offers upon graduation as long as they meet the minimum requirements of this summer’s program.

Some are going virtual, or at least considering it. Morgan Stanley has told incoming interns that most of its internship program this year will be held online (which, as it happens, mimics what many full-time bankers and traders are doing during the pandemic).