Goldman Sachs plans to scrap virtual internships in drive to end remote working
Goldman Sachs told incoming summer analysts this year’s internship will be in-person, breaking with the majority of its investment bank rivals that plan to keep their internships virtually.
The move, first reported by Financial News, will apply to internships globally.
David Solomon, the chief executive of Goldman Sachs, recently called working from home an “aberration”.
“This is not ideal for us and it’s not a new normal. I am very focused on the fact that I don’t want another class of young people arriving at Goldman Sachs in the summer remotely,” he said.
Wells Fargo has said that it will sick with virtual programmes for its corporate and investment banking interns, while Morgan Stanley has stated that it expects its summer interns to at least start out online.
Goldman has also said plans could change depending on Covid-19 infection rates.
Last year, almost all major investment banks moved their summer internships online as the Covid-19 pandemic arrived.
However, Citigroup committed to full-time offers for 75 per cent of its interns and JP Morgan and Goldman shortened the length of their internships as they went online.