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With the recent bank layoffs and fewer full-time employees working, Wall Street interns had to step up and take on heavier workloads this summer.So the annual departure of the summer interns stings more than usual.
That departure day, for many, was last Friday.
The lucky ones accepted offers to join the first-year analyst class before they returned to college for Senior year.
But all of them are gone meaning more work for the rest.
The reactions are mixed.
“My life’s gonna suck this week,” one analyst said.
“Losing the interns doesn’t make a big difference,” another analyst from a different bank said.
“The purpose of the intern program is to identify and recruit good full time hires. They can’t learn enough to contribute much on just 10 weeks.”
Analysts and associates will also have to do their own dirty work.
For some Wall Street firms, the interns bring you your coffee (or root beer floats if you’re at JPMorgan), pick up your breakfast, lunch and dinner, make copies, print and bind books, run mindless data, do research (on work related things and non-work related things you need), make your weekend dinner reservations, and answer phone calls, just to name a few of their important duties.