Morgan Stanley is inviting interns to spend 2 weeks in the office in July as Wall Street contemplates a gradual return to in-person work

Morgan Stanley is inviting interns to spend 2 weeks in the office in July as Wall Street contemplates a gradual return to in-person work

  • Morgan Stanley interns will be able to spend an optional two weeks 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 all of its business lines they can participate in a two-week in-person office experience this summer.

The bank said it will offer an optional two-week in-office experience, running from July 19 to July 30. Participation will not impact on candidates’ return offer evaluations.

The bank made the announcement in a memo reviewed by Insider sent on June 22 by Andrea Diamond, a senior human resources executive and head of campus strategy at Morgan Stanley.

The memo pertains to all Morgan Stanley’s summer analysts and associates.

The memo followed a similar announcement sent by Diamond last week inviting interns across Morgan Stanley’s institutional securities business lines to a one-week in-person experience, which Insider reported on. The subsequent memo was sent following Insider’s initial story.

It’s unclear, based on Diamond’s messages, what the experience will entail. Interns were asked 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 also committed to covering the cost of interns’ travel and accommodations, plus additional expenses through subsidies, including one to assist with the cost of meals while in the office.

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.

In June, Morgan Stanley CEO James Gorman outlined a plan for the company’s full-time employees to return to the office by Labor Day.

“We do our work inside Morgan Stanley offices,” Gorman said in a live Morgan Stanley forum held this month. “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.

This post has been updated from its original version with information from a second memo sent after publication.

Are you a young person working on Wall Street? Contact Reed Alexander at ralexander@insider.com or the encrypted messaging app Signal at 561-247-5758.

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