So I got in touch with ML's PWM hiring manager in my area (Requesting an Internship), and she said that ML now has to pay its interns.... WTF? I though this shit was free labor? This makes PWM internships much harder to ascertain for inexperienced 18-19 year old freshman. FA's have no incentive to hire us anymore... This is a whole a lot of horse shit.

I thought PWM were easy to get; I guess not anymore.

Any thoughts on culture, deal flow, SA conversion rate, (FT) pay?

Is it a pure M&A group or can one expect to be working on different kind of deals?

Heard that it's a sweat shop, but can't really quantify that information...

PWM

I have a ML PWM internship setup for this fall, but my school is not wanting to give me credit for it. ML requires academic credit to be given for their internships, which seems to be the norm after searching WSO.

Is there any way around this? Has anyone ran into this problem before?

Spoke with a family friend who recruits for BAML at an Ivy (I think he does other stuff too, not sure yet) about how to best prepare myself for TMT M&A and he said that every internship I have from now on should be in TMT M&A. I should not do corp dev at Apple, I should not do IB at some random boutique, I should not do S&T... I should just do TMT M&A. He said if I don't, people will think my interests are all over the place and that I'd appear to lack focus and direction. Can anyone shed some light on this? If that's what the BB recruiters want then I'll do it but it just seems kind of crazy.

Hey everyone i am trying to figure out if i have any chance of landing a interview/internship/job in BB investment banking.

I just finished my sophomore year at non-target school. I am extremely active on campus, i.e. VP of Fraternity, project manager (business fraternity), entrepreneurship club, accounting association and i do tones of community service. I have decent connections with various banks. My major (accounting) GPA is a 3.7, however my overall GPA is a 3.2 (i was stuck in a wheel chair my entire freshman year and it resulted in a fall off in my GPA).

This summer i am interning in PWM as well as continuing to hold on to a job i have had for (5 years).

Hey guys, so far I've had no luck with getting an internship at boutiques. I called a ML branch and spoke with a lady and ended up sending her my resume. She mentioned they hire interns on a "FA to FA" basis. Am I correct in assuming we would be interning for a specific financial advisor? Also, how closely would I work with wealth/asset management? I've read it's the usual busy work type stuff, I'm trying to think of how I could "bankerfy" this on my resume should I land the gig

Thanks

Hi,

Today BAML announced 20 billion of write offs.

Many people say the baml balance sheet is not clean at all. A lot of write downs to come.

Any body any insights on this? Which banks are at risk?

Lots of write downs = mass layoff risk

Thanks
Pivot

I was speaking to an upcoming junior at my school and he told me as a freshman he cold called ML NY, somehow got a hold of a VP there, and though it was in July (as opposed to formal recruiting in January/February) he was able to land an internship there. I believe he mentioned it was unpaid.

He's now working at a NYC boutique doing M&A (no idea if it's paid or not) and he's a sophomore! This boutique internship was through networking, but I didn't even know this shit was possible.

Have any of you guys had success with that? I didn't expect it would be possible to even land an internship as a freshman or sophomore. Any tips you guys would have to land an internship as a freshman/sophomore?

Financial Advisor Practice Management Development Program (PMDP)
Merrill Lynch Global Wealth Management Trainee

Does anyone have any insight on the interview process, salary, best way to attain position, or what the program is actually like once you get in. Any help would be greatly appreciated!

My question is what will be the best for a sophomore....

1. Regional PWM at ML

2. JP Morgan temporary position (when i asked for the position i refered to it as an internship and he specifically said it was not an internship, i dont know if that is good or bad)

the JP morgan is at metro-center in brooklyn and is paid whereas the ML is regional and unpaid.

Any help is appreciated, thanks...

***Edit 5/7/10***
******* I just talked to the JPM guy today it is client services (back office) is this fine for a sophomore who wants to get into IBD or S &T

Just got placed into ML's Global Wealth & Investment Management's Global Investment Solutions' Alternative Investments Group. I know, it's a mouthful.

Background: NYU Stern Finance undergrad, 4 years in a Jr. PM role trading structured products (subprime mortgages, unfortunately) for a non-BB prop-desk-turned-HF, then Wharton MBA 2010, PE major.

A few questions: 1) am I making the right move here? Not that I had other offers, but just want to make sure this is front office work / profit center.

2) What does the AI unit within wealth management do, typically? Is it basically a FoF for HNW individuals?

3) What is the career track/progression in someone for this position? For example, would I be able to transfer into prop AI within BAML institutional? Or switch back to buy side in a while?

4) End of your bonus, if anyone knows. Starting/sign-on is on par with IBD associates.

Any advice/help would be appreciated. Thanks!

So, I'm deciding between PWM at UBS or Merill vs. IB at Maxim Group. I've been told PWM is usually bullshit - but I'm wondering whether the name will be more important than the "experience." I am a Sophomore, go to target school, decent GPA, etc... if anyone has heard of Maxim Group and can give me some advice on this, hit me up.

Has anyone heard anything from ML for SA position? Have all the spots been filled yet? When is the deadline for all final decisions?

So I'm currently considering SA IBD offers from the HK offices of DB and BAML. Was wondering what the general consensus is about these two firms? Any opinions on which will provide the better work experience? I know DB is a generalist pool, so I'll get good exposure to different industries, products, and regions. But from what I've heard ML is the stronger firm in Asia? I know ML's real estate, oil & gas, and M&A are the better groups in the firm. Anybody know anything else?

Thanks guys

Took a full-time offer w/structuring/product origination group within GIS (NY). If anyone has color on end of year bonuses, please PM. Base/sign-on is on-par with IB for post-MBA position. Thanks!

Has anyone that attended the Bank of America Merrill Lynch study abroad accelerated recruitment interviews on Dec. 4 hear back yet?

Any opinions on the M&A group of Merrill Lynch in Palo Alto? I'm interested in Palo Alto b/c of its tech focus. It seems like a pretty small office, so I was wondering how good the deal flow is and how much exposure they have to good tech deals. Any thoughts are appreciated, thanks!

We all know what IB analysts' roles entail, but what do analysts (FT) in wealth management do? I'm specifically looking at ML's GWM and also MS, if anyone can shed some light on either. Thanks!

Do they still offer internships? I was on their website and couldn't find anything for Summer 2010. If they're still doing SA internships, how difficult would it be to get one? Average GPA ? Etc..

Anyone have any idea? Particular on the equities side?

I can't get into to much detail, but I received a phone call this morning saying that I would now be working under BofA rather then ML. Now I contacted my two contacts at ML (HR and a VP who thought I was cool) and the HR lady, she said that they just decided to split it up. The VP said, and I quote word for word, "Bofa took all the offers that we had extended before the merger and decided who they wanted and took them, I actually tried for you and ******(someone who also interviewed with him) and they said no."... is there anything I can do?

So, the blood at BofA - ML continues to spill. What are the opinions of people with offers for SA/FT? If you are staying in touch with people there, what are their views? Are you still looking for other things in case of the worst - or are you happy with the offer and hoping for the best?

Any news of offers/rejections for s&t, esp equity sales trading? I tried calling HR but kept getting their voicemail. Emailing is of no use too. When can we expect to hear from them?

Does anyone know when the superday is? Being that I'm already working on the street, I'm doing a bit of recon for my buddy, a guy a few years my junior who applied to the program and did the 1st two phone interviews. We were just trying to figure out when the date would be if he did get the invite. Any info on dates would be great.

If it were my shop, I'd know in a heartbeat, but it's not, so I'm turning to you guys for the intel.

Many thanks.

Anyone get an offer yet?

I am thinking of signing with Merrill HK for the summer and debating which group I should join. Does anyone know what are some strong groups within Merrill's IBD in the Asia office? Additionally, what are some industry groups that are still performing solidly in Asia?

Thanks for any feedback and insights!

Hey guys, I will be starting at BofA ML in the summer as a trader and was wondering what you all thought were their strongest desks coming out of this financial crisis? Also, for someone looking to eventually go into private equity, is there a desk that best prepares you for the needed skillset? I understand that ibanking would be the way to go but unfortunately or fortunately, I didn't get any offers. Thanks and I look forward to hearing your responses.

Hi,

I just got an offer from ML, and I'm wondering if anyone knows how many people (out of?) received full-time offers after their SA internships at ML (HK). I recall the HR lady telling us ML tries to recruit as many SA into full time as possible (at least for HK...)

Many thanks!

Anybody been through the ML S&T interview thus far? Just wondering if I should be expecting anything out of the ordinary.