HSBC is letting US interns pick between in-person and virtual work schedules for its 10-week summer program

• HSBC told incoming interns it will run an in-person, opt-in internship program.
• In the note, the bank mentioned the decision was based on a survey of the incoming class.
• Banks are grappling with whether to bring interns into the office this summer. 
• See more stories on Insider’s business page.

HSBC will be hosting its US corporate and investment banking interns in its New York office this summer four days a week, with Fridays being set aside as virtual days, according to a memo that went out on Wednesday. 

The memo sent by HSBC’s graduate development program and seen by Insider, said that in-person attendance is optional, not required, and that the British bank will accommodate each intern’s needs to “ensure you have a meaningful summer.”  The decision to bring the 2021 New York summer intern class into the office for its 10-week program was based on a survey they gave the incoming participants, the program manager said in the memo. 

Incoming interns were asked to respond by April 19 to choose between the four-day in-person experience and a fully virtual program. Orientation will be held virtually for the whole class for the first week of the internship, with those who choose to come into the office starting in-person on June 14.

The note adds that the majority of planned events will take place online with some optional in-person events toward the last few weeks of the program. In-person events, the note says, may include a finale event, finale project presentations, business-led events such as lunch and learns, and a graduate meet-and-greet.

A spokesperson for HSBC confirmed the memo but did not provide further comment.

HSBC joins Goldman Sachs and JP Morgan in their plans to hold in-office internships as different Wall Street firms reveal their summer internship plans amid the ongoing pandemic, though Goldman did not say they would offer a virtual option. Insider previously reported that Bank of America, Barclays and Citigroup are among those that have announced all-virtual internships this summer. Some, like Morgan Stanley and Credit Suisse, will start all their interns virtually with the option to let them work in the office if conditions permit later in the summer. 

Are you planning to intern at a financial-services firm this summer? Contact this reporter with your story. Anita Ramaswamy can be reached via email at [email protected], or via the encrypted app Signal at (480) 304-1996.

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