Corona Pandemic Delays Arrival Of "Young Wolves" Of Wall Street

New York: Some had dreamed of forging alliances that would propel them to the pinnacle of the financial world. Others had already bought their power wardrobes.

But the coronavirus pandemic crippling New York City has thwarted these aspiring corporate climbers -- the interns expecting to train as bankers and traders this summer on Wall Street, temple of global finance.

"I was really excited about... going to the office every day to kind of see what it's like being a banker in New York," says Aristides Bourtsos, 20, a student at the University of Iowa.

Bourtsos will take his first steps this summer as an intern in the investment bank division at JP Morgan Chase, which advises companies on mergers and acquisitions.

But he and hundreds of students from top universities were told in April that, with COVID-19 forcing millions to work from home, their internships would be done remotely.

It's an unprecedented challenge for a finance rookie.

The summer internship is seen as the ticket to a glittering career on Wall Street, which still attracts thousands of young graduates a year despite the scandals.

Candidates are selected several months or even a year in advance.

But for this year's batch of wannabes, the lack of face time will handicap their mission to hammer out the personal contacts that are so often key to promotion and power.

There will be no corporate social culture to dive in to, and little chance to learn the pitfalls which have abruptly halted many a meteoric ascent in the ultra-competitive field, where stars rise and fall at breakneck speed.

Working remotely "it's not like you could just walk up to them in the office, and, you know, you pat them on the shoulder and be like 'hey I need help with this' or 'what is it like being a banker?'," says Bourtsos.


New York City Mayor Bill de Blasio says police officers will start limiting access to a handful of parks whose visitors have become poster children for bad social distancing.

"I think that I will definitely get support from the team -- that much has been confirmed to me by people... but because it's virtual it will be a little harder to build those personal relationships and get help."

Game-Changer

The start of his internship has been postponed from June to July, as companies hustle to reorganize and adapt to new health protocols made necessary by the COVID-19 pandemic.

Firms have delayed the start of summer internships this year by an average of two to four weeks, while the initial 10-week duration has been significantly reduced -- in some cases down to five weeks, such as at Goldman Sachs.

There is some consolation: the one thing that hasn't changed is the money.

"Please know that we intend to honor the full financial commitment of your original program duration," Goldman Sachs assured all future trainees outside of India in an e-mail sent on April 7.

There's a lot of uncertainty, explains Brian Richman, professor of finance at the University of Iowa.