IB Analyst Underperformance: Low Bonus or Counseled Out?

If an IB analyst has been told they are underperforming compared to their analyst class in their six-month review, what would banks most likely do if they think the analyst is still underperforming during the first-year review?

Would it be a low bonus, counseling out, or would they just let the analyst finish the two-year program?

 

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