Industrial Bank apologizes for tying internships to multi-million-yuan deposits

China's Industrial Bank has issued a public apology after a controversial private banking program linking high-profile internship opportunities to large deposits drew widespread backlash.

According to a now-deleted post on its official social media account, the bank had offered clients a chance to secure internships for their children at companies such as J.P. Morgan, Google, and Microsoft – provided they deposited at least 10 million yuan (US$1.39 million) or 5 million yuan for existing clients, and kept the funds untouched during the internship period.

Several regional branches confirmed the existence of the program, which closed enrollment last week, Xinmin Evening News reported on Tuesday.

The bank has since suspended the initiative, attributing it to a third-party agency and describing it as a "value-added service." It emphasized that final internship offers depended on employer interviews, but acknowledged that its promotional descriptions were misleading.

Meanwhile, ByteDance, one of the companies mentioned in online claims, has denied any involvement.

The incident has sparked intense discussion online, with many questioning the ethics of exchanging deposits for career opportunities. Legal experts warned that requiring clients to restrict fund access as a condition may violate banking regulations.

Some financial insiders noted that offering exclusive internships is not uncommon in private banking, where maintaining relationships with high-net-worth clients is a key priority. Similar services have reportedly been offered by other institutions, according to the report.