It’s only August yet at top Wall Street firms recruitment for summer 2024 internships is already in full swing — but the salaries being offered are roughly the same as this year.
The compensation for internships at prized firms like JPMorgan, Goldman Sachs, Citibank, Barclays and Morgan Stanley is hovering between $100,000 and $110,000 — right around the average of $52-$54 per hour most interns are making this year, according to data from levels.fyi.
“The tables have turned — a few years ago everyone was seeing these tech startups with crazy valuations and people getting equity grants where they would see their options quadruple,” the anonymous founder of financial account Litquidity told On The Money.
“Now we are in a bear market for venture capital…I’d want to stay in finance in a time like this.”
Pay had spiked dramatically from 2022 to 2023: At top firms, salaries jumped almost 20% year over year, and at major hedge funds pay soared almost 30% year over year, according to data from levels.fyi.
The huge sums attracted tens of thousands of applicants.
Citadel, which pays interns $5,000 a week, had more than 69,000 applications.
This week, applications for JPMorgan’s 2024 Corporate and Investment Bank Markets Summer Analyst Program went live on LinkedIn.
Applications for summer 2024 internships are already live at Goldman Sachs, Citibank, Barclays, and Morgan Stanley.
All those banks slashed staff this year as Wall Street suffered from a dearth of deal-making.
“All things considered, people should be thankful they’re getting paid when there are so many layoffs,” Liquidity said.