Anyone knows what criteria is usually employed by HR to move part of the analyst class? Read this morning about JPM moving 1/3 of their incoming analyst class to the commercial bank.
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link?
http://dealbreaker.com/2008/06/post_27.php
Times are pretty bad. Just feel lucky they're not completely voiding your contract.
now all this makes sense.... over the past few days JPM ppl, in particular those in IBD and myself included, have been moved to other divisions. seems like this is happening across JPM globally, not only in NYC but also HK. 1/3 of the IBD class exactly has been moved.
have no idea how they decide who gets to stay in IBD, but i'm pretty sure it's not random. some possible criteria: university course (finance vs non-finance), language skills (if you're in non-US office), and also previous work experience (previous finance/consulting internship). they told me that they tried to match our previous experience and interests with a suitable alternative role in another division. people in my IBD SA class have been moved into PWM/S&T/AM.
If this is the case then HR has been lying to me. I was told, verbatim, "We basically picked names out of a hat, to make things fair. So it was completely random."
bet it has something to do with school relations. ivy's are likely moved last to ensure future recruits.
Also, ironic that they maintained 'we have kept all offers to our own class' throughout the bear rescinds.
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I'm inclined to believe it was actually random, because matching interests and checking for finance/non-finance majors and a whole bunch of personality attributes could be a pain in the ass.
despite being a pain in the ass, i would have to believe that they would take the time to figure out who would be the best fit. im sure the people they consider to be "stand-out" wouldn't be moved because they just happen to get drawn out of a hat.
and as another poster said, im sure ivies are less likely to be moved as they would help the recruiting effort down the road...assuming they ever hire another person, lol.
Also I'm pretty sure most groups were able to get their summers back (or if they didn't have summers pick a someone they loved from the recruiting cycle)
Any word on the status of incoming summer analysts in the NYC office?
Also agree that it is most likely completely random. The ivy comment is by someone who has no idea how things work (likely an ivy freshman/soph). I can confirm 5 from ONE ivy alone that have been moved from the incoming FT class.
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