JPMorgan plans for summer office return for interns as COVID-19 restrictions ease
Goldman Sachs also making moves to return to workspaces
JPMorgan Chase & Co is eyeing a June return date for some of its interns as coronavirus restrictions ease around the country, a person familiar with the matter told FOX Business.
The New York-based bank is planning on welcoming back hundreds of its sales, trading and investment banking interns for when their summer programs kick-off, according to the person. This applies to interns for its London and New York offices only.
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The return date is also subject to any coronavirus restrictions changing, the person added. Meanwhile, there still is no set return date for the majority of its corporate workforce who continue to work remotely.
The decision of who is allowed in the office is made on a business-by-business basis, the person said.
Meanwhile, Goldman Sachs has also been pushing to get its employees, including recent grads, into the office rather than starting from home.
JP Morgan Chase sign (iStock)
During a global town hall meeting last week, Goldman Sachs CEO David Solomon announced he was vying to get first-year analysts and interns back in the office alongside other staff members by this summer, according to Reuters.
“Getting them in to the office is the best way to get them connected to Goldman Sachs,” Solomon said during the meeting.
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Goldman still stressed that safety is its "most important priority."
"We will remain flexible as we monitor evolving government guidelines and the uneven global vaccine rollout," a spokesperson told the wire service.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 246.25 | -3.47 | -1.39% |
| GS | THE GOLDMAN SACHS GROUP INC. | 601.71 | -3.86 | -0.64% |
Bank of America has not issued any formal plans on a return date. Wells Fargo confirmed to FOX Business that it's still planning to hold its 2021 internship programs virtually.
"The safety and well-being of our employees – including interns - and customers is top priority, and we continue following the guidance of health experts," a Wells Fargo spokesperson said.
Still, chief executives across all major banks have echoed concerns about working from home.
Goldman chief Solomon and JPMorgan Chase CEO Jamie Dimon are in agreement that working in the office is better for their respective companies.
“There are a lot of people who have been hired into our companies who have never been into our company,” Dimon said at a conference in October. “How do you build a culture and character? How are you going to learn properly?”
GOLDMAN SACHS JOINS JPMORGAN IN ANNOUNCING RETURN TO WORK AFTER CORONAVIRUS OFFICE CLOSURES
Similarly, Barclays CEO Jes Staley stressed the importance of getting employees back to the office.
"We want our people back together, to make sure we ensure the evolution of our culture and our controls, and I think that will happen over time," Staley told Bloomberg in July.
Representatives for Morgan Stanley did not respond to FOX Business' request for comment.