Finance

Goldman Sachs, Morgan Stanley, and Citigroup have sent out offer letters for investment-banking interns for summer 2022. Here are the details on 5 banks’ pay, start dates, and signing bonuses.

Goldman Sachs

Goldman Sachs

REUTERS/David Gray/File Photo

Date offers went out: April 30. Goldman Sachs requested interns who received the offer make a decision on whether to accept “no later than two weeks from the date of this offer letter,” though a company spokesperson told Insider that the offers are not “exploding offers,” meaning that the two-week period is not a cut-off.

The spokesperson also said that the firm allowed a “small number” of sophomore-aged candidates to interview with the firm prior to the broader application pool opening for other candidates to apply on July 1

When the program will start: Summer 2022, but the precise start date is unclear. The program is expected to run for nine weeks, according to the offer letter.

Compensation: $85,000 per annum, paid on a biweekly basis every other Wednesday.

Other perks or payments: Interns are eligible to receive a special one-time gross payment of $1,500 after the completion of their background check. They must reimburse the payment if they do not enter employment with the firm for any reason after receiving the payment.

The bank is also covering interns’ round-trip travel costs from their school or residence to their internship site in May and August 2022 in an amount up to $750 per intern. Interns were advised to book travel through the firm’s online travel booking service, or otherwise the costs would not be covered.

Addition details: Previously, Goldman Sachs had said that it would not interview or offer summer analyst roles to sophomores and would instead hold off to interview candidates in the autumn semester of their junior year at college, the Wall Street Journal reported in 2018.

The goal of interviewing and extending offers to a select number of sophomores, according to a Goldman spokesperson, is “to ensure [that candidates] could make an informed decision on their 2022 opportunities, as many of them had exploding offers from or were interviewing with other firms.”

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