Fears among graduates that virtual or shortened internship programs at banks amid the Covid-19 pandemic will make it more difficult for them to secure a job after completing the program have been alleviated, at least for Citi's summer interns.
The bank previously announced that its summer internship program would be delayed from June 1 to July 6, and shortened to five weeks, as a result of the escalation of the virus outbreak. In a statement on Tuesday, it promised the 76 students of its incoming batch a full-time analyst role if they meet the minimum requirements of the program.
Citi's offer also promises to pay the interns for the 10-12 weeks despite the truncated program, essentially giving them at least five weeks' paid leave. Four out of five of this year's batch of summer interns in Singapore are from local universities. They will be attached to one of the bank's eight business or technology divisions.
«While these are trying times, we recognized that it is temporary and remain unwaveringly committed in our strategy to build a strong, diverse talent pipeline through key initiatives such as our summer internship program,» Jorge Osorio, Head of Human Resources, Citi Singapore, said in a statement on Wednesday.
New Internship Format
Interns at banks usually have to compete for the openings available, and it is not unusual for only half the batch of interns at banks to receive job offers, according to jobs portal «eFinancial Careers.»
Other banks have also made changes to their internship programs this year as a result of the ongoing pandemic: Credit Suisse has converted its EMEA spring internship into a virtual program, while Goldman Sachs previously announced that it would be halving the duration of its summer analyst program but will pay participants for the full 10 weeks.
- We'd like to hear from you! Participate in our reader survey by 30 April, and you can win one of five sets of two bottles of wine from Maison Albert Bichot.
