While Wall Street is facing one of its toughest financial situations to date, there is still some hope for students looking for Wall Street-related internships.

While recruiting is down for interns, it has not yet been altogether done away with. According to an article by The Business Sheet, summer interns are much less of a risk to employers than full-time employees. This is partly because there is no long-term commitment to interns and in general interns receive much less pay than full-time employees.

At the very most, a bank or other Wall Street institution might use two to three months of salary on a summer or other intern. Also, interns receive no bonuses, and it's not always necessary to send them to training or hire them for full-time work.

Having a group of summer interns also gives the company more options, if they do need more full-timers than anticipated, they could always go back to their summer interns and see who’s still looking for work.

"In a high-end services industry like banking, having full-time people complete the random tasks that need to get done each week is expensive - from 'managing prospects' (updating spreadsheets of who the banker has been talking to lately) to creating profiles of companies to looking up basic information, getting food, coffee and dry cleaning … and the list goes on ...," the article notes.

As a result, banks almost always recruit a few interns each year, despite the condition of the economy. And while recruiting will be down this year the same as it was last year, it will by no means be eliminated altogether.