BlackRock, Fidelity Interns Will Work Remotely for the Summer

BlackRock Inc. and Fidelity Investments plan to have their summer interns work virtually this year, breaking with Wall Street heavyweights like Citadel LLC that are bringing them back to offices.

New York-based BlackRock’s global group of about 400 interns will remain remote, as will the approximately 1,000 who will work for Fidelity in the U.S., representatives for the firms said Friday. Citadel’s, by contrast, will go to work in person, according to a person familiar with the matter. A representative for Citadel declined to comment.

Franklin Resources Inc. expects interns will work virtually all summer, a spokesman said Friday. Vanguard’s approximately 125 interns will also be remote, according to a spokeswoman.

Devising plans for interim staff is among the challenges financial firms face as they grapple with when to bring full-time employees back to offices -- or whether to make work from home flexibility permanent.

Signs of hope for a return to normalcy amid the Covid-19 pandemic are emerging in the U.S., where an average of about 2.5 million vaccine doses are being administered per day, Bloomberg data show. About 12.6% of the U.S. population is fully inoculated.

Some companies are rushing to prepare for in-person internships to resume. Hundreds of summer interns for JPMorgan Chase & Co. will work from the company’s New York and London offices, Bloomberg News reported this week. Yet others are taking a more conservative approach: Bank of America Corp. will keep its 10-week summer program virtual for 1,800 interns worldwide.

Executives including BlackRock’s Chief Executive Officer Larry Fink have raised concerns that corporate culture could erode with most employees toiling from home. Fink has said that he could envision could envision BlackRock offices not returning to full capacity even after the pandemic, with about 60-70% of employees working in offices on a rotating basis.

Nonetheless, the firm envisions office buildings as its primary workplace moving on from the pandemic, an outlook leaders detailed in a November memo to staff.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.