Goldman Sachs, Morgan Stanley, and Citigroup have sent out offer letters for investment-banking interns for summer 2022. Here are the details on 5 banks’ pay, start dates, and signing bonuses.

200 West Street the Goldman Sachs building in New York

Summary List PlacementCitigroup

Date offers went out: Offers began to be extended March 25.

When the program will start: June 6, 2022, and will run for 10 weeks.

Compensation: $85,000 per annum, which breaks down to $1,634.56 per week.

Other perks or payments: A $2,000 relocation payment made as a cash lump sum to assist with relocation costs, which will be sent to interns after their start date. This payment must be given back to Citi should interns resign or their employment is terminated prior to the conclusion of the program.

Evercore

Date offers went out: April 13.

When the program will start: June 6, 2022, and expected to conclude on August 12, 2022.

Compensation: $95,000 per annum, which breaks out into semi-monthly installments of $3,958.33. Evercore interns are not eligible for overtime pay, according to the offer letter. “Your salary represents all regular pay due to you regardless of the number of hours work,” the letter says.

Other perks or payments: If interns signed their acceptance letter within a week of receiving it — by April 20, 2021 — Evercore said it will extend them an early acceptance bonus in the amount of $2,500, which will be paid within 30 days of their date of hire (June 6).

What’s more, interns will also receive a special payment of $7,500 from the bank upon starting work, within 30 days of their date of hire. Both payments must be restored to Evercore if they resign or are terminated prior to the conclusion of the program.

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Goldman Sachs

Date offers went out: April 30. Goldman Sachs requested interns who received the offer make a decision on whether to accept “no later than two weeks from the date of this offer letter,” though a company spokesperson told Insider that the offers are not “exploding offers,” meaning that the two-week period is not a cut-off. 

The spokesperson also said that the firm allowed a “small number” of sophomore-aged candidates to interview with the firm prior to the broader application pool opening for other candidates to apply on July 1

When the program will start: Summer 2022, but the precise start date is unclear. The program is expected to run for nine weeks, according to the offer letter.

Compensation: $85,000 per annum, paid on a biweekly basis every other Wednesday.

Other perks or payments: Interns are eligible to receive a special one-time gross payment of $1,500 after the completion of their background check. They must reimburse the payment if they do not enter employment with the firm for any reason after receiving the payment.

The bank is also covering interns’ round-trip travel costs from their school or residence to their internship site in May and August 2022 in an amount up to $750 per intern. Interns were advised to book travel through the firm’s online travel booking service, or otherwise the costs would not be covered.

Addition details: Previously, Goldman Sachs had said that it would not interview or offer summer analyst roles to sophomores and would instead hold off to interview candidates in the autumn semester of their junior year at college, …read more

Source:: Businessinsider – Finance

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