- Bank of America told incoming interns it will run its summer internship program virtually.
- In the note, the bank mentioned the possibility of in-person work at a later time, if appropriate.
- Banks are grappling with whether to bring interns into the office this summer.
- See more stories on Insider’s business page.
Bank of America has told its 2021 summer interns that they’ll be working virtually.
America’s second-largest bank by assets joined other firms across Wall Street that have recognized that the pandemic has yet to sufficiently back down to enable in-office experiences.
The news came via an email that was sent on Thursday from Bank of America’s campus-recruiting team to the firm’s more than 1,800 incoming interns from around the world.
The note, which was viewed by Insider, also reconciled the imperative to offer a meaningful internship experience with the challenges presented by the pandemic, which are diminishing the odds of safe in-office experiences by summertime.
In the note, the bank said that interns, while staying virtual this year, would have the chance to hear from a variety of senior leaders, engage in specialized skills-based training, and take part in volunteer and networking opportunities.
Bank of America also added that, encouraged by hopeful signs in the fight against the pandemic, it would keep an open mind toward circumstances that might permit an in-person experience in some capacity at a later date. The bank said that getting interns in the office, if appropriate, was something it hoped to do.
A spokesperson for Bank of America confirmed the memo to Insider.
Interns are expected to begin setting up their technology arrangements to make the virtual experience possible starting the week of June 7, with the internship ending on August 13. The program will run for 10 weeks.
In its memo on Thursday, the campus-recruiting team also emphasized its support for adhering to the guidelines from the Centers for Disease Control and Prevention to combat the spread of the disease, namely wearing face coverings, engaging in social distancing, and staying home if one is sick.
Morgan Stanley and Credit Suisse, both of which told their summer interns that they’ll start off virtually this year, have also said they’re keeping an eye on future opportunities to bring interns into the office, pending safety conditions.
Bank of America’s stance on remote work was checkered in 2020 following comments made by Fabrizio Gallo, the bank’s former global head of equities, in a phone call dated March 25, a recording of which was reported in April by CNBC.
Gallo’s remarks suggested that protracted wishes to stay home might not be applicable in all employees’ cases.
“Of course, we are going to entertain special cases but not the ‘I don’t feel comfortable, sorry.’ It doesn’t work that way over the long term,” Gallo said in the recording, CNBC reported.
Gallo resigned from Bank of America at the end of 2020 after spending nearly a decade at the firm, Insider previously reported.
Goldman Sachs and JPMorgan Chase are hoping to offer interns in-person work
Meanwhile, other Wall Street firms are contemplating tough decisions around whether or not to go virtual for a second year in a row — an eventuality that has been regarded by many finance chiefs as unappealing and disruptive to the training of future financiers.
Nevertheless, Insider previously reported that Wells Fargo told interns within its corporate and investment-banking divisions that their program will be conducted virtually this year, in a memo dated March 1 that was viewed by Insider.
Insider also reported that Morgan Stanley and Credit Suisse have decided to start their internships virtually, but have kept the door open to some in-person work, should circumstances later in the summer allow.
Goldman Sachs told interns in a memo sent on February 25, which was viewed by Insider, that it was contemplating making some in-office experiences possible depending on safety conditions at the time.
JPMorgan Chase — perhaps the most confident of all the banks whose summer internship plans are presently known — is preparing to bring hundreds of investment-banking and sales and trading interns into its offices in New York City and London this summer, a source familiar with the firm’s thinking previously told Insider.
Ralph Schlosstein, the co-CEO of the boutique investment bank Evercore, signaled on Tuesday while speaking in a televised interview with Bloomberg TV that he, too, hoped to bring young trainees into the office by summertime, if possible.
“It is very much our goal to be back in the office together — hopefully to even have some of our trainees this summer at least be partly in the office,” Schlosstein said.
Are you planning to intern at a financial-services firm this summer? Contact this reporter with your story. Reed Alexander can be reached via email at ralexander@businessinsider.com, or via the encrypted app Signal at (561) 247-5758.
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