A recent article in Hong Kong's South China Morning Post outlined how global investment banks are adjusting their internship programs in light of the ongoing public health crisis. Besides moving to a virtual model, the length of internships are being reduced, though it seems many banks will still pay interns as if there had been no reduction. One interesting point is that at least one bank, Citi, is guaranteeing return offers for its interns.
Like many of its banking rivals, Citi’s summer programme will start on July 6, nearly a month later than normal, and only last for five weeks. The bank plans to pay its summer interns for the full 10 weeks the programme normally runs for, and to offer full-time positions to all of its interns in Hong Kong, London, New York, Singapore and Tokyo, if they complete the minimum requirements of the programme – a first for the bank.
With Cambridge announcing that all lectures will be online until next summer, 2021, there will likely be continued changes to university learning and recruitment/internships beyond this summer so it's important for applicants to be prepared for this possibility.