Top Dems threatened to forcibly remove Biden from office unless he resigned, set him up to fail at Trump debate: SourcesWall Street banks and other major companies have cut back on paid summer internships as businesses look to slash costs — intensifying the competition for the few plum jobs available, according to a report.
However, expenses to woo interns with entertainment events billed as team-building exercises, housing costs and on-campus recruiting all drag down the bottom line.Anthony 'The Mooch' Scaramucci donated $30K to Joe Biden campaign in JuneCost-conscious firms have also cut back on white-collar positions after hiring too many graduates following the pandemic, leaving little room for interns to take over, industry experts said.
“I think that’s broadly a reflection of the sectors that tend to hire for interns seen a pronounced pullback in job postings, especially for those traditional, white-collar corporate positions,” Nick Bunker, an economic research director at Indeed, told FT.With fewer jobs comes more competition. Goldman Sachs received 315,000 applications for just 3,000 jobs, according to the Financial Times – a more competitive acceptance rate than Harvard University.
“The application process for internships has become just as competitive as for full-time roles,” Lesley Mitler, a career coach who specializes in college students, told FT.He called the decline in job postings this year a “moderation,” since internship listings boomed in 2022 and 2023 – the first summers back in full-swing after the pandemic. Although down from last year, summer job postings are still up 26% since 2019, according to Indeed research.
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