Some Wall Street Interns Are Paid $120 an Hour

From a story on headlined “Some Wall Street interns get $120/hr.”:

Eye-popping pay is pushing ambitious college students back to Wall Street:

Applications for internships at Citadel and Citadel Securities — Ken Griffin’s firms — were up 69,000 over last year (+65%) after the median wage jumped to $120 an hour, Bloomberg reports.

Why it matters: Layoffs in the tech industry mean college grads seeking high-paying gigs view banking as a better bet than Silicon Valley.

By the numbers: Median intern pay on Wall Street rose 19% at 16 firms studied by

Hourly intern pay at hedge funds and proprietary trading firms jumped to $111 — 29% higher than last year.

Between the lines: Financial firms view the pay jumps as a key way to attract top talent as they fight to bring workers to the office over work-from-home options.

Many interns are offered other benefits like sign-on bonuses, stipends and corporate housing, Bloomberg notes.

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