Goldman Sachs pays aspiring bankers to quarantine them in hotels
Goldman Sachs and JP Morgan staff forced to start city careers with hotel quarantine this month will see costs covered by banks as industry prepares to welcome another group of Covid graduates .
Wall Street rivals are part of a series of large companies looking to welcome new entrants during the pandemic – many of whom are moving across the world to come to London at a time of intense restrictions.
Both Goldman and JP Morgan are preparing to welcome banking interns to their London offices from June 21, whether or not the government lifts all Covid restrictions, and newcomers will be encouraged to come unless the Covid rules are met. become much stricter. Both pay hotel bills for those arriving from a “red list” country before the start date.
An insider said: “A lot of interns come from overseas, which has made the process very complicated this year.”
By comparison, UK banks such as Barclays – where a second year analyst has asked summer interns to bring a pillow to work because ‘it makes sleeping under your desk much more comfortable’ – are running their internships virtually for the second year in a row, although the networking events will be held in person.
HSBC’s UK programs, listed in London, will also be remote unless government guidelines on working from home change, while Deutsche Bank, Germany’s largest lender, plans to have interns and British graduates in the office depending on the division in which they are placed.
Lloyds, which dropped its summer internship program entirely last year, is restarting its program this summer, but it will be mostly virtual to begin with.