In A Sign That The Pandemic May Be Behind Us, JPMorgan Is Bringing Back Interns For The Summer - Forbes

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You can feel that we’re getting ready for a grand reopening of the economy. There is a steady stream of companies signaling their plans for the near future. We are seeing a trend of tech companies leaning toward a flexible hybrid between both in-office and remote work. A couple of major investment banks want people to return to the office.

According to the New York Times, JPMorgan is planning to have summer interns come into the office at its New York and London locations. In addition to a number of states, including Texas, Florida, Connecticut and California, announcing relaxation of restrictions, such as the opening up Disneyland and doing away with mask-wearing mandates, bringing in young interns is a sign that we’re getting back to a new normal.

JPMorgan, as well as other big banks, traditionally hires hundreds of summer interns. Last year’s class was virtual, but this time it will be in-person. The same holds true for its London offices. The bank intends to start bringing in interns on March 29, after the stay-at-home orders have been lifted. Both locations plan to ensure the health and safety of the incoming class of interns.

It's not surprising that JPMorgan is taking the lead in bringing back interns. Jamie Dimon, the chief executive of the prestigious bank, had previously requested employees to return to work months ago. Dimon required JPMorgan traders, bankers, brokers and research analysts to return to their offices by September 21, after six long months of working from home.  

After experimenting with remote work and having traders, salespersons, bankers and other key professionals based in locations outside of the office, the bank claims that it's essential to have people return. 

Wall Street doesn’t have factories or produce physical products. It primarily offers information and intelligence. Working and collaborating together builds a camaraderie and esprit de corps. Traders, bankers, brokers, compliance, human resources and other personnel share key information, engage in daily discussions and feed off one another. Young employees need mentors, guidance and direction. 

The synergy, according to JPMorgan, is diminished when its people are disconnected from one another. Leading by example, Dimon and other senior-level executives have already returned to the office last summer. 

The bank is trying to be empathetic and offers the continuation of remote work for employees “with child-care issues and medical conditions that make them more vulnerable to coronavirus complications.”

Another top-tier investment bank is going along with JPMorgan. David Solomon, the CEO of Goldman Sachs, said on Wednesday that he wants his people back at the office. Solomon, who prides himself as a down-to-earth guy and has a side gig playing DJ for parties and events, dropped the nice-guy schtick, calling remote work an “aberration.”

Solomon, referring to the prevailing sentiment of working remotely, said, “I do think for a business like ours, which is an innovative, collaborative apprenticeship culture, this is not ideal for us. And it’s not a new normal. It’s an aberration that we’re going to correct as soon as possible.” Solomon pointed out that Goldman Sachs only had “less than 10%” of its people in the office during 2020.

Solomon is particularly concerned about the fate of new hires. Like many Wall Street firms, Goldman Sachs aggressively hires bright, young people to train for investment banking, trading, portfolio management and other positions. The chief executive highlighted the need for newly hired analysts to get inducted into the Wall Street way from their office desk. “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,” Solomon said.

Interestingly, a couple of other major international investment banks are taking a different course of action. They feel that their future will be a combination of remote and in-office work. Both Lloyds Banking Group and HSBC said they plan to significantly reduce their commercial office space by 20% and 40% respectively, showing their intention of having a large segment of employees working remotely.

Jes Staley, the CEO of Barclays, has been flexible in his view of remote work. Last April, Staley championed remote work, claiming, “Putting 7,000 people in a building may be a thing of the past.” He’s now somewhat sanguine about this trend and said, “It’s remarkable it’s working as well as it is, but I don’t think it’s sustainable.” 

According to Fox Business, the Bank of America hasn’t offered official plans on a return date. Wells Fargo plans to have its 2021 internship programs conducted virtually, stating, "The safety and well-being of our employees—including interns—and customers is top priority, and we continue following the guidance of health experts."

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In A Sign That The Pandemic May Be Behind Us, JPMorgan Is Bringing Back Interns For The Summer - Forbes
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