- Credit Suisse has informed all incoming US summer interns the program will begin virtually.
- The bank is considering offering an optional in-person component to the program later in the summer.
- Other banks, including Morgan Stanley, are considering hybrid internships this summer.
- See more stories on Insider’s business page.
Another bulge-bracket bank on Wall Street has told incoming interns it plans to start them off virtually for a second year in a row, while leaving the door open to the possibility of some voluntary in-office experiences at a later date.
Credit Suisse told incoming US interns across all divisions on Monday that it would begin its 2021 summer internship program fully virtually, according to an internal memo sent by Laura Colby, the firm’s head of campus recruitment in the Americas, that was viewed by Insider.
In the note, the Swiss bank said it would consider allowing some interns to eventually work out of the office on a voluntary basis if they desire. In-person work would begin no earlier than July 19.
And while work for the bank officially begins in June, incoming interns’ start dates have also been moved up. In an effort to streamline the onboarding process, the bank informed the interns their start dates would be moved up to either May 10 or May 24.
However, no actual work will be done prior to June 7, when the virtual internship begins. Interns will be put on unpaid leave prior to that date, preventing them from doing any work on behalf of the bank. The point of the earlier start date is for Credit Suisse to ensure that interns are ready, from a technical perspective, to begin virtual work immediately on June 7, with minimal disruption to the program’s timeline.
In addition, Colby reminded interns that, though the firm is starting its summer program off virtually, Credit Suisse expects that all of the internship program’s participants will work from within the US. She invited those interns who see that as being a challenge to get in touch with their respective recruiter at the firm for more information.
A representative for Credit Suisse declined a request for comment from Insider.
Goldman Sachs, Morgan Stanley, and Wells Fargo have also evaluated the outlook for their summer internships
Credit Suisse is the latest in a spate of Wall Street banks to announce rejiggered summer plans, as the coronavirus pandemic remains a threat.
Goldman Sachs had told incoming interns in a memo sent on February 25 that it would attempt to enable some interns to have in-office experiences if possible, but did not provide further specificity around what that would entail.
Morgan Stanley’s HR chief Mandell Crawley told incoming interns at the bank in a memo dated February 22 that it would begin its internships virtually, but would keep the door ajar to some possible in-person work, depending on how circumstances unfold.
Wells Fargo, meanwhile, told its corporate and investment-banking interns in a memo sent on March 1 that it would pivot its summer internships in those divisions to go fully virtual in 2021.
Last year, summer interns across Wall Street had their start dates delayed and their programs shortened as the coronavirus pandemic threw 2020 summer internship plans into turmoil.
Are you a young person planning to intern at a financial services institution this summer? Contact this reporter via email at ralexander@businessinsider.com, encrypted messaging app Signal (561-247-5758), or direct message on Twitter @reedalexander.
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