Citigroup (C 0.70%) is bolstering its ranks by offering full-time positions to many of its current interns, a spokesman for the big banking conglomerate said on Thursday. The current crop of interns will be offered such work once they graduate. Those currently enrolled in the company's internship programs in New York, London, Hong Kong, Singapore, and Tokyo will be given the option of going full-time at that point.
Currently, about 75% of Citigroup's summer interns serve in those locations. The rest will be considered for full-time positions.
The bank said it will also pay its current interns for the full 10 summer weeks they had been expected to work.
Labor markets around the world are in turmoil due to the economic effects of the SARS-CoV-2 coronavirus outbreak.
In an email to its interns, the bank wrote: "We know that it is an especially trying time for you right now, as you work to finish the semester away from school, removed from your friends and on-campus experiences, and think about the economy and job market you'll find yourself in after graduation. With that in mind, we have made some adjustments to the internship program to remove as much uncertainty as possible for you."
One of those adjustments is the start date of the programs this year. Due to the coronavirus, it has been pushed back to July 6.
Citigroup stock had a good day on the market Thursday. It rose by 7.1% on the day, easily trouncing the gains of the benchmark equities indexes.