The bank offered the help in exchange for at least 10 million yuan ($1.79 million) in deposits from new clients and more than 5 million yuan from existing clients, according to the ad.
After social media uproar, the lender said late Tuesday it had suspended the programme, under which an entrusted third-party would identify available internships and provide coaching services for its clients. It would have been up to the firms to decide on the internships, the bank said in a statement.
JPMorgan said it has never authorised any organization or individuals to provide any job, interview or internship services in the name of the company. Citigroup said it doesn’t offer internships through a third party.
The episode speaks to the challenges for Chinese banks to attract deposits amid sliding interest rates. It also reflects the dire job market, with youth unemployment hovering around 16% as businesses suffer from a weak domestic economy and rising China-US tensions.
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Chinese students often turn to career coaching services, with some paying as much as US$50,000 to land coveted bank jobs.
The cuts in deposit rates have accelerated flow of funds into wealth management, insurance and mutual fund products as investors seek higher returns, Securities Times reported on Wednesday.
Wealth management products of the country’s top 14 issuers rose 1.89 trillion yuan to 23.58 trillion yuan at the end of April from a month earlier, according to the paper.
