ATLANTA–With many credit unions debating what to do with their traditional summer internship programs this year when many offices remain closed, one banking firm is paying incoming junior bankers to delay starting their jobs.
Evercore Partners Inc. is offering to pay incoming junior bankers up to $25,000 to delay starting their jobs during the coronavirus pandemic, according to external recruiters who spoke with the Wall Street Journal. It’s a move that hasn’t been seen on Wall Street since the last financial crisis, the report added.
Recent college graduates who were due to start at Evercore later this summer will get $15,000 if they defer their start date until January and $25,000 if they wait until next summer to join, recruiters told the Journal.
Evercore specializes in advising companies on mergers, fundraising and other transactions.
Deal, Or, More Likely, No Deal
“Banks aren’t in financial distress…but they are bracing for a decline in deal-making as the pandemic drags on,” the Journal reported. “What’s more, banks have nowhere to send these new employees. The offices of banks and investment firms, like most in white-collar industries, have been largely empty since March. The hands-on training that is key to onboarding new workers is now impossible, as are the kind of social events that would normally help integrate them.”
Wall Street typically brings in several thousand junior employees for internships.
“No bank has rescinded offers en masse, but all are tweaking their onboarding and training to go virtual,” the Journal added. “Summer internships, too, will be online-only, and many banks have shortened the typically 10-week stints.”