Fu€k Diversity
Nowadays the best skill to get in IB is to be a diversity.
I have witnessed this year a girl that is just a first-year getting a summer at a BB with the worst grades possible. She has the perfect combo: woman + diversity.
In 5 years time, I will short the hell out of these banks' stocks.
This industry is so fucked up.
(I already have a summer. I just think this shit is so messed up and unjust for all the students that make sacrifices so that later they get rejected because HR wants more diversity in the cohort)
Complaining about things like this is a loser’s mentality. Go out and earn yourself an offer rather than worrying about other kids.
The guy said he already has an internship offer.
Also, you can work hard and complain about unfairness at the same time, you know. They aren't somehow mutually exclusive. Fwiw I have no strong views on this issue; your argument is just stupid.
“Fairness” is such a dumb term. Ever heard the saying life isn’t fair? I’m not gonna go on this app and listen to some white kid whose parents make 500k+ and goes to notre dame complain about “fair”. Loser mentality.
Bullshit response - this is coming from someone who’s in banking and definitely not diversity as well, so I « have the offer ».
It’s fully fair to be upset about and rally for change against unfair practices. He may never get the offer because the number of seats limited to his demographic go to a very small number of people.
When the roles pay the same but one group has a 100% acceptance rate while the other has a 2% acceptance rate, it’s totally fair to call that out.
Very effective to call anyone out who voices this a loser though to shame and silence them, to make it feel like it’s their fault for being upset about a system that is unfair to them.
Womp womp. Cry about it buddy. Such a privileged and dumbass response.
Instead of looking at this post as an issue that affects many more people (prospects) and hopefully spread awareness and think about how to approach it to help more people combat this idioticity, it seems that you're egoitistical and can't think critically at something beyond yourself.
Y’all real quick to call out black kids getting jobs at Goldman but the tons and tons of nepo babies.
People constantly complain about nepos. Nobody is defending nepos though, and pretending like it's somehow righteous to prefer inferior candidates. You are currently defending racism, as are many others, so big difference.
Really? Because I have literally never seen a post calling out nepo hiring on this site, literally only for black people and women.
That is bullshit here. There are 100x more topics here about diversity than nepos.
Such a terrible strawman. If you weren't retarded you would clearly see people complain about nepotism hires all the time.
For every 1 post complaining about nepotism there are 100 complaining about black people/women.
Shorting the industry based on the emphasis/overemphasis on diversity hiring is a losing bet. It really doesn’t move the needle in terms of revenue generation. The senior bankers are the ones that bring in the revenue, not the 1st yr analysts. Don’t you realize that any slack from weaker deal team members (diverse or not) is simply taken on by the rest of the team? Same output to the firm, but good juniors just burn out much quicker from picking up slack. Also, I think part of it is many smart people that used to choose banking are choosing to be in a different industry, opening the doors to generally worse jrs, diverse or not
Do you think diversity stops at the junior level? Lol. Wait till you try for MD promote but the bank says sorry we have reached the maximum white male quota in senior positions. And that's the real problem for banks because they are involved in actual revenue generation and decision making.
Definitely great insight on MD hiring from an intern
Lol yes. At my EB, I can say with 100% confidence VP/Directors are not running into glass ceilings for being a white male as almost all seniors are non-diverse. Maybe will become an issue 5-10 years down the line, but my bank fires MD’s that don’t produce very quickly. It’s much easier to see when you can quantify $$ brought in the door. Most of the under performers will opt out on their own accord before the VP level because they realize they aren’t built for it
a buddy of mine is a white male from rural north carolina.
he came from a life of extreme hardship, growing up in a broken family, dealing with poverty, domestic violence, and child abuse.
he worked for his life in a run down public high school (perfect GPA + 99th percentile SAT & ACT scores + great essays about his life, why he needs a great education, and how he hopes to give back to people like him), only to get rejected from EVERY single ivy, but got into duke on a full ride through a specialized program for low income north carolina residents.
at duke, he continued to work very hard, maintaining a great GPA & extracurriculars, while dealing with his abusive parents regularly threatening to withhold funding.
however, due to the bad economy, he could not land any role at an eb/bb ibd shop and had to settle for a regional mutual fund in charlotte.
during a tough economy, when many ibd shops have limited spots, it would seem like they prioritize diversity over everyone else.
it’s so sad to see someone like him who came from such a hard life, when we all know that he would be a rockstar at an eb/bb firm, have to settle for less all because of being a white male.
to me, this sounds like racial and gender discrimination in every sense of the word.
Diversity recruiting isn't diverse. Instead of targeting those who came from a low socioeconomic background, it's just BAME kids who've had a good upbringing.
You’re the miserable son of a bitch who’s been slinging your bitter incompetent negativity on everyone on WSO.
Couldn’t get a job even through diversity so making yourself feel better by screwing with everyone else hiding behind a screen, huh?
Talking shit to people trying to network, talking shit to people pointing out unfairness, talking shit to people asking for advice. Desecrating this friendly community.
It’s a relationship business, dickhead.
Guess what, you miserable bitch will never make it into high finance.
That guy is Canadian lmaooooo
bros spazzing out im dead
pretty sure Asian males and indian males are getting shafted as well and might be just as bad as white males, just that nepo babies consists mostly of white males
Summer internships are only for penultimate year students. Her dad/mum is probably an MD at the bank if she's getting it in 1st year.
French diversity guy here just sharing his experience and adding some nuances.
Last year, I applied everywhere and got 0 process even though I’m a minority. At that time I had 1 internship in middle office in top French banks + internship in a valuation department in big 4. Also have a Master’s degree from the top 3 French BS + Extracurricular activities finance related. Never got passed any first screening phase.
While on the other hand, some non-diversity kids with a 3 year degree landed offers without any relevant experience. Talk about “fairness”.
Last year, I got a third internship experience I.e. M&A internship in France in top EB (think Lazard, Rothschild, Evercore etc…)
1.5 years of relevant internship is what allowed me to get through the screening process and land offers at 3 BB, incl. summer and offycle as a final year student.
The fact of the matter is, being diversity doesn’t mean you get offers for free, it’s not a GTA cheat code. And for some of us, it required an equal if not higher amount of work than others to get there.
Yeah - it sucks. I think London hiring is much more random (unless you are talking about off-cycle/summer in Paris).
Have seen complete morons end up with JPM SA while having basically nothing on their CV (either they do Oxford E&M or diversity). By morons, I do mean people who get an offer but in the interview could not answer a question like explaining what the DCM team is/does.
Pretty sure E&M has the lowest acceptance rate at Oxford. Wouldn't call em morons.
My group has 6 diversity hires in it:
-1 of the 6 is a legitimate super star, could see him going all the way to MD in the group, or buy side
-1 of the 6 can be described as your average MBA associate. Will probably be consistently middle bucket, will make VP if he stays
-4 of the 6 are absolutely useless and will probably never be staffed on anything of consequence. All will get below middle bucket and get really shit bonuses in perpetuity until they either quit or get RIF’d
Our team’s WLB would be so much better if we RIF’d the last 4 and hired competent people
Is the super star really a diversity hire or is he a great hire that happens to be diverse? Would argue there's a significant difference between hires who actually have merit and get in because they're rockstar candidates that just happen to be URM vs the blatant quota fillers who take up space and add 0 tangible value (e.g. your Karines/Ketanjis/Kamalas).
Sounds like someone didn’t get an offer. Go back to your interview prep. Oh wait, you used all of your energy worrying about someone else. Losing mentality right there, man.
It's not just banking, guys at my firm regularly forward around and laugh at the garbage outreach sent by analysts & associates to our portco CEOs from growth equity/sourcing-heavy firms like Insight that are on the diversity train. So many issues with things like spelling and grammar not to mention most are completely templated without any sort of customization or unique thought put into them. The worst culprits by far are always diversity candidates. I've had prospects bring up the terrible emails they get from some of these firms as well. At what point does ideology start to become a detriment to your reputation and fiduciary duty to LPs?
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