Photo: Keturah Stickann on Flickr
It’s summer! And that means college students from around the country have descended on New York to work hard for a few months in the hallowed houses of Wall Street.The difference this summer, is that interns are being worked to the bone like they’re officially on staff, according to Dealbook.
While once upon a time, “college-age interns at the nation’s largest investment banks… were treated like young royalty,” now layoffs, cost-cutting and revenue losses “have forced this year’s interns to shoulder full-time workloads,” Kevin Roose writes, without the entertainment perks that were once provided by the firms.
Obviously, if even senior bankers are being told to slash the entertainment budget, the banks aren’t going to be spending up on intern pampering.
How times have changed
One bank recruitment officer told Dealbook: “Managing directors are telling interns, ‘We’re going to need you to step up.'”
Summer analysts are working 85 hour weeks, and going home at 3 am, just like full time analysts.
Back in the day, apparently, JP Morgan interns used to take firm-sponsored trips in “white Hummer limousines to the trendy NoHo nightclub Butter, where they partied before retiring to swank rooms at the Hudson Hotel.” Lehman sent their crew to Jones Beach concerts; Credit Suisse paid for gourmet cooking classes.
But now, an over-worked Deutsche Bank intern told Dealbook: “If I can get through this, I can get through anything.”
Ok — maybe this crop of interns isn’t being shuttled to parties five nights a week, or educated in fine dining on the side, but someone should remind them of these facts.
One. They’re getting paid about $15,000 for 10 weeks of work — the same salary full-time analysts make. Same salary, same workload – that seems fair, no?
We remember our summer internships. The lucky ones who were paid earned about $4,000 for their work. Most did it for free, or a negligible stipend that made it close to free. And some even paid their employer to take them in.
Two. “Many summer analysts at large New York banks were issued smartphones, laptops, and corporate charge cards upon arriving in mid-June.” We were issued… Oh, no, wait, we were told to bring in our own laptops.
Three. Some of them are doing a New York summer rent-free. A $2,000 housing stipend? We’d take that.