Goldman Sachs, Bank of America, and Citigroup have sent out offer letters for investment-banking interns for summer 2022. Here are the details on 6 banks’ pay, start dates, and signing bonuses.

ablokhin/Getty Images

Date offers went out: May 10

When the program will start: June 2022, precise start date will be communicated to interns “at a later date,” per the offer letter. The program will run for approximately 10 weeks. The firm requested that interns inform the bank within two weeks of receiving the letter of their decision as to whether or not to accept.

Compensation: Rising juniors will be paid $72,800 per annum. Rising seniors will be paid $85,000 per annum, two separate offer letters obtained by Insider show. Payments will be made on a bi-weekly basis.

Other perks or payments: Bank of America said it will extend interns a one-time $2,000 housing stipend to assist with setting up summer accommodations, to be paid within 45 days of interns’ official start dates.

While on the job, interns are eligible for overtime pay, if they exceed their allotted weekly hours. The letters estimate that interns will work about 60 hours per week.

If they receive overtime, rising juniors will be paid $30 per hour worked, which is $10 more than their base rate of $20 per hour. Rising seniors will receive $35.02 per hour worked, which is just under $12 more than their base rate of $23.35.

Additional notes: Rising juniors that received an offer letter will also have the ability to return to the firm to work in the summer of 2023 as well.

However, the 2023 return offer “is contingent on satisfactory and successful internship performance,” an offer letter said.