Banking

Lazard just told its incoming investment-banking summer interns their program will be virtual, as the bank eyes a broader, hybrid return to office after Labor Day

Kenneth Jacobs is the chief executive officer of Lazard.

  • Lazard just told incoming investment-banking US interns they’ll work virtually this summer.
  • The bank also said that full-time employees likely won’t head back en masse until after Labor Day.
  • Lazard made the announcement in a memo sent on April 7 that was viewed by Insider.
  • See more stories on Insider’s business page.

Another boutique investment bank is telling interns that they’ll complete their internship program virtually this summer, but has plans for a broader return to office for all employees starting in September.

Lazard told incoming investment-banking summer interns based in the US that their “completely virtual” internships will begin on June 7 and end on August 6, in a new memo sent on April 7 by Hillary Haber, the firm’s vice president in financial advisory human resources, that was viewed by Insider.

Haber noted that the program might allow for some optional, in-person gathering opportunities, either to work in the office or to meet teams in some socially-distant capacity for engagements like trainings, events, and performance reviews. But those opportunities would be contingent on “local conditions” at the time, Haber wrote.

A spokesperson for Lazard declined a request for comment from Insider.

Lazard is planning a broader, hybrid return to office in September

Separately, Haber told the interns that, while all of the firm’s US offices are open, most Lazard employees are continuing to work remotely by choice. The firm anticipates a more widespread return to its offices beginning after Labor Day.

When that does happen, Lazard said the migration back to in-person work won’t mean a return to the conventional five days per week at the office. Instead, she said, the firm will employ a hybrid model amalgamating both in-office and remote work.

In the meantime, Haber told interns, they will participate in a scheduled call on April 21 in which Lazard will answer interns’ questions about their upcoming summer programs and address logistics.

The memo also made mention of a relocation payment that Lazard told interns they could use on expenses related to enhancing their home office set-ups, but did not go into further specifics about the payment amounts or whether they have already been distributed to the interns.

The memo said that Lazard will send interns a list of recommended equipment, though none of the items on the list would be vital for a successful completion of the internship program.

Lazard’s decision dovetails with other boutique banks that have also chosen to pivot their programs virtually. Evercore and Jefferies both recently announced similar news to their respective internship classes.

However, it stands in contrast to firms like Goldman Sachs and JPMorgan Chase, which have planned in-office experiences for their interns this summer and are actively encouraging them to move to locations in proximity to their designated office sites.

In the case of Goldman Sachs, the formal announcement of in-person internships on March 29 has prompted a frantic New York City housing search by incoming interns, who are feeling pressed for time to find a residence for the summer months, Insider previously reported.

Insider is tracking Wall Street banks’ and hedge funds’ latest internship plans. You can get up to speed on what financial services firms are planning here.

Are you interning a financial services firm this summer? Contact this reporter with your story. Reed Alexander can be reached via email at [email protected], or via the encrypted app Signal at (561) 247-5758.

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