All Citi Summer analysts to receive full time offer upon completion of internship program. Across all business groups in NY, London, Tokyo, Singapore and HK
Duration shortened but full 10 weeks salary to be paid.
| +541 | Bank of America - Juniors Strike to start Monday May 6th | 88 | 3m | |
| +514 | BOFA ALREADY TRYING TO COVER UP THEIR TRACKS | 68 | 2s | |
| +273 | This is a dark day for Wall Street. | 30 | 1h | |
| +154 | Investment Banking US League Table YTD 2024 (FactSet) | 85 | 2h | |
| +147 | Big Layoff at Barclays - 5/1/24 | 85 | 6h | |
| +87 | “Americans just work harder” | 54 | 2s | |
| +83 | Would comitting to ATL İB be stupid? Please give feedback. | 45 | 3d | |
| +69 | Sleeping on Jefferies??? | 35 | 2s | |
| +66 | A shitter's comprehensive guide to sophomore year recruiting | 7 | 1d | |
| +60 | What's up with RBC nowadays? | 27 | 1s |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Source?
Email sent to all offer holders I think
no way
This is uncomfirmed as of now....but very possible to be true stay tuned...
Heard from a colleague; saw the email - confirmed! Congrats Citi interns!
so there wasn’t a formal email sent out?
If you have an offer you'll receive one!
there was!
I AAMMMM SO HAPPPYYY
Do you know what they mean by minimum requirements?
I asked the HR regarding "minimum requirements of the abbreviated program," and she has informed me that it means "graduate successfully as planned and within the timeframe required as per Citi requirements or satisfactory performance during your internship this summer." My question here now is: then does mean that a return for full time is just the same as it was in previous years (based on performance)? I am not understanding this minimum requirement thing.
PRINCESS DIANA WAS MURDERED.
I am an incoming IB SA and they said that we will "receive a full-time offer" as long as "minimum requirements of the abbreviated program" is met.
They also mentioned that they will push the internship back to July 6 while giving out 10 weeks' pay.
They are "carefully considering" a remote program as well and will be giving out future updates in the next week or so.
This also only applies to interns in the New York, London, Hong Kong, Singapore, and Tokyo programs.
SF, Houston, and Chicago are eligible for full time offers from what I read on this post but not sure
Congrats dude. Enjoy rest of your college life! And stay safe.
I’m a girl but thank you
Are regional offices (SF,CHI,HOU) included in the automatic FT offers?
unfortunately no :/
this only applies to the New York, London, Hong Kong, Singapore, and Tokyo programs
SF confirmed FT offers for all SAs.
HOU did.
Do you know if they’re doing this with summer associates?
confirmed... two friends at citi (they are at a target)
yep, it's happening. few friends at citi
Is this for both analysts and associates?
Is this for all S&T, IB, ER?
Friends in IB, and even Consumer Banking received the email so I guess it's groupwide.
can confirm for HK S&T
Hi, do you happen to know if this applies to the whole division? Meaning all divisions under the Markets and Securities Services?
Can confirm for a friend who is Tokyo Tech. I'm thinking this is groupwide
CONFIRMED, wow! I said this yesterday already on the Moelis thread, but shame on all those butt-hurt analysts fear mongering the interns and telling them to start getting their grad school applications ready and the such....this is a BIG move coming from a BB especially from one that is not necessarily one of a small class size. Just yesterday we were debating if even another EB would follow along!
Pussy galore I remember you fearmongering and telling the interns they would be fucked, thoughts?
Also paging Goldmonkey Sachs
Lmaooo
"And last thing: out of all the dumb shit people are making up about what is going to happen, the dumbest is "automatic return offer." If you think banks need you that badly, you better check urself. Just because y'all want that to happen really badly, it doesn't mean it's even an option. No idea who was the delusional junior who made that up, but I would erase that option of ur mind ASAP, cuz it ain't happening. Could bet my now non-existent bonus on it." - Goldmonkey Sachs
So can I PM you my Venmo Goldmonkey Sachs
Is this only for the locations mentioned above or applies to other locations such as Houston, Toronto, Calgary etc. as well?
E-mail only mentions offices as above
Summer Analyst in Toronto. Email said “As consistent in years past, you will have the opportunity to be considered for a full-time role upon completion of the program” :( this kinda sucks but congrats to everyone else!!!!!
that sucks man but at least they’re is an option. Are you in the IB stream?
Never mind yeh just saw the same email lol. Think thats locations like that have smaller class sizes i.e. ~50% offer rates.
I think CB and IB is about 50% ft offer rate considering teams are smaller in Toronto ! just grind it out , but I’m sure impressing in a shortened period could maybe give everyone an offer. or the deal flow is so weak that no one gets it , I have no idea
Is it likely that other BBs will follow suit?
Let's hope lol
Probably not the GS/JPM/MS cuz they have much larger classes but you never know. Sounds like interns at the regional offices of these banks are probably fucked by the sounds of the comment above who didn't get guaranteed return in Toronto
JP said they'd reach out mid-April with the next update so hopefully the news about Citi will cause a few dominoes to fall too
How much bigger are the GS/JPM/MS class sizes in comparison to Citi?
Citi has over 300 interns across BCMA and S&T in NYC alone, would be surprised if GS/JP/MS have "much larger" classes, if they are at all larger. Maybe JP.
I am working at one of those three and know we do not have much larger class sizes, in IB in NYC at least, than citi. Also covg group i worked in had 92% return offer rate so wouldn't be shcoked if they all followed
toronto breaks my heart
If GS/JPM/MS/BofA dont extend full time offers as well it will reflect very poorly on their culture. Would be shocked if all BB's don't follow suit
On the same boat looking for further updates from one of above mentioned banks. There might be a chance my bank would follow Citi, but I’m prepared if it’s not the case. Well. Unprecedented.
really hope baml follows as well
Praying BofA does the same
Anyone know what might happen for Houston/Calgary offices (O&G groups only)? Could oil price crash impact these offices even worse and potentially no real return offers?
Congrats everyone! These are unprecedented times, I hope other banks follow suit. People have more to worry about that if they'll still be able to get an offer with everything being virtual.
Are regional offices (SF,CHI,HOU) included in this?
No
So it's only guaranteed FT offers for the major offices (London, NYC, HKG)??
stop saying blatantly wrong things like"No" if you are not an SF intern at Citi - clearly based on comments below they are included; don't spread obviously incorrect info man!
Yes, at least SF and Houston are included. (Incoming SA)
True for SF as well. All offers
How much smaller are analyst classes for Citi compared to other BB such as BAML/MS/JP/GS
Would also like to know; also was wondering if anyone knows Citi's traditional return offer rate as compared to GS/JP/MS?
Regardless, huge news for Citi interns and am genuinely so happy for them! Congrats and stay safe everyone
The problem is both GS and JP were the first ones to shorten the internship with full pay (Citi followed). If 100% FT offers were possible, they would've included that. Thats probably why they most likely wont follow suit
Citi return rate is typically 85-90%+
Citi had 361 SAs in NYC in 2019 across IB, CMO, CB, S&T, ER, SLP. Offer rate around 80%.
Gotcha do you know world wide?
It's not the most accurate, but I did a LinkedIn search for incoming IBD SA at Citi and JPM, and JPM had 89 while Citi had 88...
/s
The number for Citi may be accurate not sure, but there are definitely more than 90 SA for JPM...typically closer to 120.
Not everyone is a hardo and puts up an incoming SA post.
JPM has ~120 incoming SA, including Product, coverage, ECM DCM & corporate financial advisory, regional investment banking
Shot in the dark but anyone have info on Calgary IB 2020 SAs?
Any SAs not gotten an email yet?
Saw the email and looks like it went out to NY, London, Hong Kong, Singapore, and Tokyo interns
Im in NY still haven't got it
Can someone with HR experience or experience on a recruiting team explain the incentives for Citi/Moelis to give full time offers to all of the interns?
It seems like it can lead to some silly outcomes (interns not actually putting in the amount of effort required, kids shopping around their FT offer right now, etc). Even if it were to be a virtual program, I'm sure there would be at least a small minority of people who can be weeded out with confidence
Probably what will happen as email states 'offer contingent on completion of program'. Assuming they'll find some loopholes to weed out some summers.
Think Moelis’s email said the same thing...guess we’ll wait and see if it’s really 100%
hi it’s not really a guaranteed ft offer. they said that minimum requirements have to be met for the abbreviated program.
Well, surely something seems material about the decision here, as it only includes certain offices. It seems silly to include in the email if this wasn't pretty close to a formality about getting a FT offer.
For PWC, I believe the minimum requirements for the offer were promulgated as simply the completion of the two week virtual training.
...
Citi Toronto has same situation but not a guaranteed full time offer . small teams in IB and CB . I think they give out 50% returns historically so just a bit unlucky
Hey man any idea on Citi Calgary? They're worse off due to oil price crash?
haven’t heard about Calgary SA if they got the email or not, but I’m guessing they did if every city did. I’m thinking same scenario as Toronto where the possibility of getting a ft return is possible. I think with the current oil market, I think Citi will still take on a couple full time due to needing a pipeline to replace exiting bankers. expect a conversion rate similar to Toronto of like 50% , then again most groups have at most like 2 interns so it’s not like they are cutting crazy amounts. it’s possible they extend full time to all interns especially to having like 5 weeks to prove themselves which isn’t much, especially if it’s virtual , so idk
I would imagine that all other BB banks in the same "tier" as Citi (BAML, BarCap, CS), and same "tier" as Moelis (Evercore, PWP, PJT, Centerview, Lazard) will follow suit. To my knowledge, all these firms take on summers with enough spots for them to all come back if they perform well enough. This would assume that firms do not anticipate a full-time decrease in class size.
with this do you get the sign-on bonus still?
Lmao u worried about the wrong stuff bro go cop that emergency check
Has anyone emailed Citi to ask for clarification on the minimum requirements? What does it mean in your opinion?
.
Incoming SA at GS TMT - practically impossible for 100% return offers for that lmao
Why would it be impossible for the group with arguably the best deal flow on wall street? Also, I'm working in a different coverage group at GS that had 92% returns last summer so not sure whu you think it's impossible at all.
I am pretty sure GS TMT has like 90%+ return offer rate. Source: previous SA class
To my knowledge, GS/JPM/MS take on more summers than there are FT spots available - but I could be wrong.
GS definitely does they are known for having the lowest offer rates out of all three.
Just toally false. My group there in IBD classic gave everyone but one person a return offer last summer.
MS tends to hire less
looks like chicago, toronto, houston and calgary are the only ones to not get direct full time conversions ... way to break my heart :(
anyone can comfirm??
what about SF ?
.
End of the day you're still working at citi...
must be horrible working at a BB making more than 99% of the population immediately after graduating college
Now might be a good time to mention your terrible take^
As for your main point, ya if that is the mentality at Citi i guess thats fine...personally, however, don't think of the 99% as a relevant comp
Gosh....I must be lucky that I am about to start my career at a large firm on the buy side rather than on the sell side.
Congrats
Damn kinda feel bad for the people going for FT 2021 recruiting. Practically no spots left potentially?
...
How will this work for S&T - have you all even gone through desk placement yet?
Asking as an incoming SA at another BB.
No, haven’t gone through desk placement. It’s rotational for the internship. Have also heard it’s rotational full time, but I don’t know if that’s still true (don’t think so).
Yes Citi still does the 2yr rotational FT analyst program
Congrats fellas. Only thing I was worried about tbh and now its resolved. Time to get back to some good old pipe-laying and celebrate
Can confirm for IB london. Genuinely shocked
Do you have any ideas on what they mean by minimum requirements? I am also an incoming intern in the London office
Does this have impact on SA 21 recruiting/conversion?
Why would it lol
if anything this should be reassuring that banks plan to keep hiring
Why do you think banks don't ever convert 100% of their summer analyst class? 1. Some may not be as productive as others (they get axed). 2. Banks simply don't have enough room to bring on 100% of their summer analyst class for every single group. It costs a lot of money to pay every single one as FT employees.
So, it's a good question when asked about summer 2021. Banks are already to the max with analysts, so their is a chance conversion next year will be much lower. My take
The impending recession will have a greater effect on SA 21 class sizes than this
So does anyone know if SF/Chicago got an email, and what it said? Kind of strange that those two cities were excluded... it's not like they're small towns.
Email says we are "eligible" for a return despite not being in NY. Not really sure what this means.
Can anyone that has an offer explain what they mean by as long as you meet the minimum requirements of the abbreviated program? Also, How does this work do they give you a start date for your Full-Time position that corresponds to your graduation date?
Can anyone shed some light on how virtual internships will look for S&T? Any color on the situation would be much appreciated.
please
Any thoughts on what rest of the BBs might do? Barclays, Credit Suisse etc.
Why would the bank do that rn? so they don't need to roll out FT recruiting in the fall?
Most likely every BB will follow. If they don't, it's bad press for them since other shops are doing it and could hinder future recruiting classes. Banks are doing this because it's almost impossible to make cuts to a summer analyst class that is only in the office for 4 weeks (2 of which are training and orientation). It's not fair to give out 50% offer rate to a few stellar candidates who knew what they were doing before their stint in the summer even started. So, banks decided to assume the financial burden of converting 100% which doesn't give them bad press for future recruits, but will make it harder next summer practically everywhere to convert or lateral (nearly impossible). Every. Single. Bank. will be jammed pack to the max. Never seen anything like this before.
Its not necessary bad PR from adjusting the program though (as long as they don't just straight up cancel). There has to be a strategic/financial incentive, no? Banks would do what they gotta do esp in a crisis.
So are you saying that 2021 Graduates' future full time jobs would be heavily weighted towards their 2020 summer internships? - Like, if you had a great summer internship company, you're set for a great Full Time job. - But if you had a mediocre summer internship company, it's going to be very hard for you to re-recruit for a different Full Time job upon 2021 graduation, as all the great jobs are all jam packed with little turnover.
So essentially, the 2021 graduating classes' fate is sealed upon what type of internship they have in their 2020 summer
I would be extremely cautious with this.
Clearly revenue has been diminishing due to COVID. Citi definitely needs a reduced headcount. Since the internship will probably be virtual (the way things look) Citi is going to lower their headcount on the job. Wouldn't be surprised to see cuts 3 months in. Anyone who appears to be bottom/mid bucket will see the door. And it will be very difficult to lateral somewhere else.
i fully agree. i'm surprised that more people haven't mentioned this. any bank that gives a guaranteed FT offer is just deferring cuts until later, in this case full time start + 5 months when things will most likely by normal and they can actually evaluate employee performance. for the first five months of full time, you are essentially the same cost to bank as an intern except for your signing bonus (which may or may not be a thing for 2020 summers)
Ex Summer 2019 Citi interns who didn't get the return punching the air rn
speak for yourself lol . SA 2020 Canadian offices didn’t get full time offers, we got absolutely fucked
hey! im going to be in the Toronto office .. can you PM on this thing?
hey! ill be in the Toronto office as well. PM?
Lol....i bet none of them cares....at the end of the day, you all are a bunch of slaves working for a meager salary (a bread crumb that may be slightly bigger than what is received by many other college grads but still a bread crumb nonetheless).
Rest assured monkey interns, many other (if not all) major banks will follow Moelis and Citi's steps here. They know that virtual interns are not on equal playing fields. E.g., if you are from a poorer background chances are your wifi is garbage and your house is smaller (less noise-free areas to work in). Or what about you get hospitalized by the virus and miss half of your 5 week internship? It's a HR/PR nightmare waiting to happen. And as much as the close-minded "experts" from the other thread (Goldmonkey Sachs ) might tell you otherwise, banks DO care about their perception. BB's have entire media relation departments...
It's better to hire everyone than only hire some and get your picks wrong. BUT beware. Signing and first-year bonuses will be lower in the future because of this. And expect the jump to associate or PE to be much more competitive.
Why would you think the jump to PE to be more competitive? I don’t see why Citi would just fire mediocre employees 3 months in. colleges can’t say much because the bank could literally use any excuse at that point. Basically what I’m trying to say is the analysts class at the end of 2 years will be the same size or lower as other years.
Eius impedit ipsam veritatis quos aliquid est qui. Quidem voluptatem laudantium voluptatum qui. Laudantium et est officiis numquam. Nihil et et minus.
Possimus a laudantium tempora nisi distinctio. Commodi accusamus tenetur temporibus eius mollitia numquam. Quae dolor non eveniet quia eius debitis. Labore sit qui voluptatem ipsum fugit sit. Delectus maxime omnis dolores aliquam veniam aut vel.
Quas aliquid occaecati et alias cumque. Laborum eos aut aperiam aperiam. Qui alias quia optio vel optio.
Nostrum consequatur voluptate ut reprehenderit. Nam voluptas cumque perferendis cumque. Et aut facere est sed. Nisi ut voluptas sint maxime aut velit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Et laudantium nostrum aperiam velit ut illum libero. Voluptatem est rerum suscipit aut. Aut eligendi repudiandae quia exercitationem sapiente totam qui. Eaque repellendus ut dolorum placeat id minima. Nobis ratione natus qui nesciunt qui quidem sit. Velit non ut ad ut. Qui rerum libero minus at omnis placeat consectetur.
Nihil illo enim quia voluptatem qui voluptates nobis quaerat. Facilis eveniet in rem quis sapiente. Repudiandae quia eos necessitatibus aliquam quia voluptatum sit libero.
Accusantium tempora ex iure aut. Corporis non sunt voluptatum quos. Maiores quidem animi ut optio asperiores earum repellat hic. Necessitatibus maiores nam aspernatur qui autem omnis quasi facere.
Hic dolore dicta facilis. Magnam aut sapiente consequatur qui.
Voluptatem quia aliquam atque error qui quidem. Quia a qui et debitis amet rerum laudantium. Non laudantium natus occaecati repudiandae.
Et exercitationem magni odio voluptates labore voluptatibus ut quasi. Eveniet eum cum molestiae id et.
Rerum molestias adipisci beatae consequatur ex commodi. Explicabo neque eligendi eius magni iure itaque ipsam fugiat. Consequatur minima cumque dolorem qui. Nihil molestiae beatae voluptatibus voluptatem. Consequatur est enim rerum.
Maiores vero odio voluptatem aspernatur sapiente. Enim dolores earum ipsa unde occaecati nobis. Accusamus eligendi sit aut est nihil est excepturi corrupti. Sapiente consectetur dolorem fugiat enim dolorem.
Fugit ea molestias deleniti ipsam dicta dolore eaque nihil. Ut inventore nostrum hic ullam id corporis earum eum. Mollitia temporibus sit et magnam ullam doloribus omnis.
Nulla voluptatem cupiditate temporibus consequatur. Provident modi quam fuga aut nemo rem. Dolorem nobis nostrum hic sit et expedita molestiae.
Possimus non nihil molestiae asperiores et. Est repudiandae voluptate odio culpa. Sint quos aut saepe enim voluptas quo cumque. Eos ut itaque repellat rerum. Omnis cumque consequuntur magnam quaerat vitae. Perferendis dolores qui consequuntur iste aut hic.
Magnam sed nihil in aperiam ad tempora. Dolores et vel numquam officiis et qui dolor. Ut saepe quasi reprehenderit voluptatem delectus sunt rem sunt. Eaque placeat eligendi nisi iste sed architecto. Et quaerat aut necessitatibus aperiam ea sunt quasi.
Quia quia vitae ducimus voluptas laboriosam. Et in quisquam vel fugit dignissimos doloribus odit. Est sed blanditiis reiciendis doloribus occaecati.
Hic error optio aut ut. Dolorum vero qui aut quia dicta sed temporibus. Et maiores quasi aut tempore quia hic. Qui est facere ratione non deleniti et exercitationem distinctio. Repudiandae eum ratione perspiciatis accusamus cum voluptatem. Incidunt aspernatur quidem atque sint deleniti ducimus. Corporis illo ipsum quia aliquam.
Ducimus modi voluptate harum in qui. Id voluptatem enim doloribus qui ipsam.
Ea accusamus alias quam ipsam delectus consequatur molestiae quo. Vero voluptatem accusamus deleniti molestiae. Alias explicabo ducimus aliquam totam magnam repellendus. Veniam est nisi consequuntur temporibus deserunt vel perspiciatis dicta. Eum voluptas aperiam ut inventore in assumenda.
Nam et officia eligendi quam ab vitae. Sit laborum sed repudiandae doloribus vel provident quibusdam. Eligendi animi aut qui. Atque porro quos facere optio voluptatem similique cupiditate. Molestias et a sunt inventore tempore.
Dolores minima hic et. Iusto facere ut numquam veritatis similique aut eligendi. Quidem sapiente quasi qui distinctio sequi est. Sed tenetur enim eveniet debitis optio quis corrupti. Molestias neque et iusto qui.
Vero qui blanditiis praesentium molestias ut. Aut nihil reprehenderit maiores voluptas ducimus.
Quae est at distinctio repudiandae qui. Qui quisquam eveniet accusantium delectus eaque. Accusantium quisquam libero cumque ut voluptate saepe sint. Ut quis est architecto.
Perferendis et dolorem vel eveniet. Praesentium architecto omnis sint a. Repellendus et repellendus non at. Dolor porro et doloremque sit. Dignissimos ipsa omnis accusantium amet. Praesentium rerum quam nam odit iure quisquam.
Dolore qui fugit necessitatibus quas. In quis facilis dolore asperiores. Ea aliquid iure harum et dolores.
Officiis maiores asperiores aperiam excepturi. Qui voluptatem similique autem dignissimos. Explicabo aspernatur magni rerum.
Nesciunt quo quis corporis rem aut quaerat. Nihil impedit at dolorem quas quasi ipsum. Molestiae neque eveniet nihil nostrum fugit voluptatum. Inventore veniam quo saepe omnis temporibus iure. Aliquid aut animi quas. Eos sunt consequatur omnis sapiente voluptatem.
Et enim sequi eveniet dolor aut qui. Expedita provident beatae nulla cupiditate provident. Laudantium sed ut ut sunt praesentium quaerat expedita. Accusantium est officiis illo rerum quia amet dolores nihil.