Welcoming a class of summer interns is a tradition in corporate America. But this summer, companies are bringing in fewer students, if any. Goldman Sachs hired 200 fewer summer analysts this year than in 2023. JPMorgan reduced the size of its own class of summer analysts by 600, more than ten per cent of the total. Tesla rescinded its internship offers just weeks before students were due to start.
” Sean McGowan, director of employer relations at Carnegie Mellon University, said companies had this year taken months longer than normal to commit to attending his college’s hiring fairs for summer internships. Those that did come relied more heavily on virtual interviews, instead of flying out recruiters to meet students. A person familiar with Wall Street’s hiring procedures said the number of interns hired each summer tended to fluctuate alongside business needs.