If you're interning at an investment bank, Wall Street is the place to be. Analysts arriving at top Wall Street banks this summer tell us they're earning far more than their counterparts in London.
The going rate for this summer's front office Wall Street interns seems to be $85k, pro-rated over the eight or 10 week period. In London, interns tell us it's closer to £50k ($66k), meaning that Wall Street interns are earning 29% more in dollar terms.
The discrepancy partly reflects the value of the pound, which has declined 30% against the dollar since 2013. However, it also indicates that U.S. investment banks are making the most of the pound's fall and are paying their London interns in sterling terms only. This is in contrast to U.S. law firms, which pay their London juniors dollar-denominated packages that have risen significantly in recent years.
If front office interns are being handsomely paid, the same is not necessarily true for interns in other areas. Although banks like Goldman Sachs and Citi have hiked compensation for junior technologists, some of the technology interns we spoke to at other banks in London said they were being paid closer to £42k ($55k) (pro-rated).
In 'near-shored' technology locations, pay for interns is even lower: some interns at Barclays' technology office in the UK's Northampton are paid as little as £38k, pro-rated. And some interns at Deutsche Bank's Jacksonville technology office say they've received as little as $8 an hour.
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