- Morgan Stanley interns will be able to spend an optional week in the office in July.
- The firm previously committed to starting its internships virtually this year.
- James Gorman, the firm’s CEO, has called the office a crucial training ground for young talent.
- See more stories on Insider’s business page.
Morgan Stanley told interns across its institutional securities business lines they can participate in a brief in-person office experience this summer.
The firm said it will conduct an optional one-week in-office experience in July for interns, according to a memo reviewed by Insider sent this month by a senior human-resources executive.
Institutional securities spans product groups handling investment-banking, sales and trading, corporate lending, and research services, among others.
Insider reported in March that Morgan Stanley told its interns they would start their programs virtually this year, but didn’t rule out the possibility of some in-person work at the time.
The bank told interns the choice to come into the office for the weeklong experience would not factor into candidates’ assessments for a return offer.
Morgan Stanley will cover the cost of interns’ travel and accommodation, plus additional expenses through subsidies, including one to assist with the cost of meals while in the office.
It’s unclear from the memo what the experience will entail. Interns were given until June 17 to fill out a survey regarding their interest in partaking and to respond to the firm’s VaccineCheck, which asks about employees’ COVID-19 vaccination status.
Morgan Stanley CEO James Gorman previously outlined a plan for the company’s full-time employ to return to the office by Labor Day. In remarks at a live Morgan Stanley forum, he emphasized the value of the office in training Wall Street’s next generation.
“We do our work inside Morgan Stanley offices,” Gorman said. “That’s where we teach, that’s where our interns learn, that’s how we develop people.”
Meanwhile, in the springtime, other Wall Street banks, including Bank of America and Wells Fargo, told interns their programs would be virtual for a second year in a row this summer.
This month, Citigroup — which also committed to a virtual program — told interns they would be eligible to partake in a brief in-office experience.
Interns in its investment-banking and sales-and-trading divisions would be invited into the office “for a few days in July,” Bloomberg reported, citing an internal company memo.
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