BlackRock and Fidelity Investments plan to have their summer interns work virtually this year, breaking with Wall Street heavyweights such as Citadel that are bringing them to offices.
New York–based BlackRock’s global group of about 400 interns will remain remote, as will the approximately 1,000 who will work for Fidelity across the country, representatives for the firms said Friday. Citadel’s, by contrast, will go to work in person, according to a person familiar with the matter. A representative for Citadel declined to comment.
Franklin Resources expects interns will work virtually all summer, a spokesman said Friday. Vanguard’s approximately 125 interns also will be remote, according to a spokeswoman.
Devising plans for interim staff is among the challenges financial firms face as they grapple with when to bring full-time employees back to offices—or whether to make work from home flexibility permanent.
Signs of hope for a return to normalcy amid the Covid-19 pandemic are emerging in the U.S., where an average of about 2.5 million vaccine doses are being administered per day, Bloomberg data show. About 12.6% of the U.S. population has been fully inoculated.
Some companies are rushing to prepare for in-person internships to resume. Hundreds of summer interns for JPMorgan Chase will work from the company’s New York and London offices, Bloomberg News reported this week.
Other companies are taking a more conservative approach. Bank of America plans to keep its 10-week summer program virtual for 1,800 interns worldwide.
Executives including BlackRock Chief Executive Larry Fink have raised concerns that corporate culture could erode with most employees toiling from home. Fink has said that he could envision BlackRock offices not returning to full capacity even after the pandemic, though, with about two-thirds of employees working in offices on a rotating basis.
March 22, 2021 at 06:00PM
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BlackRock Inc., Fidelity interns will work remotely for the summer - Crain's New York Business
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