US graduates face cut-throat job market as companies scrap internships

Welcoming a class of summer interns is a tradition in corporate America. But this summer, companies are bringing in fewer students, if any. Goldman Sachs hired 200 fewer summer analysts this year than in 2023. JPMorgan reduced the size of its own class of summer analysts by 600, more than ten per cent of the total. Tesla rescinded its internship offers just weeks before students were due to start. As US employers attempt to cut costs and increase efficiency, in anticipation of an economic slowdown, internships have been axed. Many companies have reduced hiring for white-collar jobs after recruiting too many new graduates in recent years, meaning there would not be enough jobs for more interns to move into. US jobs site ZipRecruiter said postings for internships on its website fell 14 per cent between this summer and last. Listings for internships on Indeed dropped too, said Nick Bunker, an economist at the jobs site in North America. “I think that’s broadly a reflection of the sectors

Welcoming a class of summer interns is a tradition in corporate America. But this summer, companies are bringing in fewer students, if any. Goldman Sachs hired 200 fewer summer analysts this year than in 2023. JPMorgan reduced the size of its own class of summer analysts by 600, more than ten per cent of the total. Tesla rescinded its internship offers just weeks before students were due to start. As US employers attempt to cut costs and increase efficiency, in anticipation of an economic slowdown, internships have been axed. Many companies have reduced hiring for white-collar jobs after recru