Summary List Placement
Deutsche Bank is offering its incoming US investment banking interns the choice to come into the office this summer, a spokesperson for the bank told Insider.
The bank informed its class of 141 interns this week that the 10-week internship will be a hybrid program, changing course from its March 1 announcement to interns that the program would likely be virtual.
The interns have until April 26 to respond to a survey the bank sent them in which they must indicate whether they will participate virtually or in-person. Interns who choose the in-person program will come to the office three days a week. While most of the US investment banking interns will be based in New York, some were hired into offices in Chicago, Boston, San Francisco, and Jacksonville.
The spokesperson said the bank came to this decision after monitoring regional pandemic guidelines and receiving feedback from its Junior Leadership Council, a group comprised of junior employees which bank leadership consults for input on key issues.
Drew Goldman, Deutsche Bank’s global head of investment banking advisory and coverage, told Insider in an interview that more than half of the interns had already turned in their surveys, and of that group, over 90% want to be in the office this summer.
Goldman, who started his career as an analyst at Bear Stearns, said that the in-person program will allow interns to gain a deep understanding of the job, but that the bank is committed to providing the same quality experience for every intern regardless of their choice.
“A natural reaction for someone could be, let me go down the aisle to the desk where the intern is versus, let me Zoom [them]. We as a senior team have committed to not advantaging or disadvantaging people because of whether they’re in-person or whether they’re remote. It will require more work on our part to make sure that they are part of deal teams but we all want them to get evaluated on an equal basis with other people who are there in person,” Goldman said.
“It’s going to be harder, it might even be awkward at times, but we’re going to have to find ways to be able to do that so that everyone feels that they’re a part of the team and a part of the analyst process.”
The bank emphasized the importance of inclusion in its recruiting process for this year’s intern class. The class, which the spokesperson said is the bank’s most diverse ever, is comprised of 141 interns, 50% of whom are female and 13% of whom are black. Last year’s class, in comparison was 30% female and 6% black.
Goldman attributed the diversity of this year’s class to efforts by a new recruiting team at the bank this year as well as Christiana Riley, Deutsche Bank’s Americas CEO, who he says has led the organization’s approach in rectifying industry-wide imbalances in representation. He said the bank is more open now to expanding the universe of schools from which it recruits than ever, contrasting Deutsche Bank’s approach with that of its peers.
“We probably have fewer interns, but take a higher percentage of them [full-time]. It’s kind of cultural and we think we end up with a better group of people,” Goldman said.
Deutsche Bank joins HSBC in allowing interns to pick whether they do their internships in-person this summer, as different Wall Street firms reveal their summer internship plans amid the ongoing pandemic.
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 firstname.lastname@example.org, or via the encrypted app Signal at (480) 304-1996.