2025's banking interns arrived at an interesting time: "It feels surreal"

When Richard Handler, CEO of Jefferies, wrote his missive advising banking interns earlier this month, he highlighted the unpredictability of summers in investment banks.

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"Every summer is different," wrote Handler. "Two summers ago, the financing environment was defined by nonstop action throughout the capital markets, which created a “fire hose” of experience and learning opportunities. Last year, the volatility made it challenging..."

This summer, Handler said it seemed that the markets would be "open, but not too frothy." It should be a "constructive environment for deal activity," Handler predicted. 

Since then, it's seemed like we might be on the brink of World War III. Interns began arriving for their summers in banks this month. Israel began bombing Iran on Thursday, June 12th. This summer is more different than most.

"It feels surreal" says one intern at an international bank in London. "Working in an industry that has been known to fund the arms industry also feels unsettling. - It doesn't feel ethically right, especially with the situation in Gaza and elsewhere."

With the geopolitical uncertainty caused by the war likely to delay deals and hiring, it's conceivable that there will be fewer conversions from this year's internship class. 

One intern in the M&A team of a US bank in London, said conversions are likely to vary from sector to sector. "It might be BAU for an intern working on UK real estate advisory, but for the natural resources/energy intern, it will probably mean more work assigned as their seniors are busier advising clients on how to navigate the turbulence effectively." 

This could be a good thing, he observed. However, it could also mean a lot more work due to the increased pressure. 

Last year, Bank of America placed a hard limit of 60 hours per week on interns and offered them overtime pay when they went beyond that. The bank declined to comment on whether it is repeating this in 2025. 

The M&A intern said he is expecting to work between 70 and 100 hours a week. "This is standard in advisory roles," he said. 

This applies whether there is a war on or not. 

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