JPMorgan is doing tech returnships: are they worth it?
Before hybrid and remote working models made being a working parent more manageable, career breaks were a more common occurrence. In an attempt to bring those staff, and others that have taken years out, back to the workplace, banks have been implementing "returnships" for some time now. JPMorgan is continuing to do so in London, but are they really worth doing?
JPMorgan's new "reentry program" is an interesting one, as it's specifically focused on technology. Most have focused on bankers or specific demographics like working mothers. All this one asks for is a computer science background, with a noted desire for open source programming contributions. The role involves working in placements across the investment, commercial and corporate banking divisions.
Can returnships lead to success? Yes, but not too often. The most notable success story is Lori Taylor; having previously been a VP at GE Capital, she took a Goldman Sachs returnship after a seven-year absence, was rehired as a VP in credit risk management and was made an MD in 2020.
There's also Wendy Bannerman-Clark, currently an executive director in UBS' wealth management team. Hers is a more peculiar case, as she had previously been global head of communications for the fixed income division, but was only rehired as a program manager. Her period of absence was far longer, however: over 11 years.
These appear the exception rather than the rule, as most that completed returnships are in and around VP seniority. JPMorgan's returnships appear yet to have bred many (if any) MDs. However, technology staff are relatively untested in the returnship environment, so there may still be potential there.
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