What happens to the summers who don't get offers?
What is generally the trend for those who don't get FT offers after being SA? I know people have talked about some banks offering fewer than half of their summers FT, so does it look really bad when interviewing for FT that you didn't get the offer from your summer? Or is it relatively easy to switch after you've summered?
In the case that it's not, would it almost be better to not have an IB summer internship, than to have had one and not gotten the offer (in terms of getting an FT offer)? The reason I ask is I know a senior now who was a stud and spent his junior summer at Blackstone, but didn't get the offer, and when full-time came around, he didn't even get a job in IB. Is this a common pattern?