2020 SA Still a go? Anyone hear back from the companies?
Anyone hear from the company if the Summer internship Program will go as usual? I’m worried the program will get cancelled because of the pandemic.
Anyone hear from the company if the Summer internship Program will go as usual? I’m worried the program will get cancelled because of the pandemic.
Career Resources
Worried student following.
Reached out to HR of the bank I will be doing 2020 SA (Chicago) at and they said the following,
"At this time, we don't anticipate any impact to the internship program and we will continue to monitor the situation closely to ensure the health and safety of all current, and future employees."
Obiviously, situation is fluid and changing fast so take that with a grain of salt but just thought I would provide this to help quell some anxiety we're all feeling...
My bank (BB) just emailed the other day about SA 2020. Things are still in place, but expect rescheduling or maybe wfh. They are taking survey so they are probably up to something. As long as the bank holds tight then we shall be fine.
Barclays will have an internship even if someone dumps anthrax and weaponized smallpox in their air vents.
My BB sent info about group placement with no mention whatsoever of the virus or any delays just as if everything was normal so I highly doubt SA programs will be affected by June. I do think universities will definitely remain closed through the rest of the semester. The humid and hot weather in the summer should begin to mitigate the harm.
Sorry, but what are you basing things on? The consensus opinion from the medical community is that no one actually knows. Sure, there are fewer cases in the southern hemisphere, but only 10-11% of the population is in the southern hemisphere. South America, Africa, Southeast Asia, Australia, SoCal, Florida, Louisiana, etc all have outbreaks so suggesting that this will be curbed by warm/humid weather is not accurate.
I happen to agree that internships will probably go on, but because we are working to "flatten the curve" now, not because it will just go away when things warm up.
My MM mentioned that they do not expect coronavirus to be a problem in the summer, but are monitoring the situation in case things turn for the worse
Ask someone from 2008 how it worked out for them. Probably the best indicator as of now
People hate to think about bad things happening so they always underestimate their likelihood
Realistically no one knows what is going to happen, things are changing extremely rapidly. Do not trust any memo from HR at this point - it's not that they are being misleading but they just don't know. Of course they are going to give lip service at this point, technically at this exact moment based on what they know the programs are still on. However, IB is about to get hit extremely hard, no deals are getting done at these collapsed valuations and no leveraged financing is going to get announced in the near term. Ideally things are shut down for a few weeks and this is a blip on the radar.
To give you an example of how fluid things are, as of last Wednesday most people were still in the office. On Thursday for example, my friend at Guggenheim said they were going to be splitting the bank into two teams with one alternating working from home every other week. By Saturday (less than 48 hours later), this plan was completely nixed and now it is mandatory work from home.
For all of you complaining about potentially having remote internships, it is a little bit pathetic.
All of Wall Street is remote right now. Literally every bank and buyside firm. We are all still getting our shit done. Get over it and just accept that the world has changed.
Your internship will not be canceled, but it may be remote - stop complaining and get in the same boat as the rest of us! Trust me, we will still be able to evaluate who is good and who is not...
bb in Toronto basically said that offers are not in jeopardy at all and that they are monitoring the situation and that the internship may look different than what was originally proposed. could mean remote or just a shortened internship . haven’t booked a place to stay yet cuz I’m not going down that potential nightmare
BAML sent out an email saying that they are "evaluating all options to ensure your safety while still providing a robust and quality experience." Seems like the internship will be delayed or remote at worst, which is a relief
Saw JPM cancelled an internship, anyone have any idea which one? Screenshot looked like MMBSI.
Lol you guys have to realize HR is just toeing the party line as of now. This is massively bleeding into 2Q, if they think in a month that it'll go well into 3Q, you're most likely screwed. Sucks for you IB hardos but I don't feel any sympathy about it. One less banker in the world is a good thing as they're instead actually doing something productive otherwise
Damn, it feels good to have graduated 3yrs ago and working at a 50+y AM that has never instituted layoffs, including during GFS. Bring on the MS, the more your hardos downvote the funnier it is
Can you jerk yourself off somewhere else? Thx
Absolutely no need for this toxicity
Bet you guys are doing pretty well in this market! And how is AM doing something “productive” while IB isn’t? Not much logic there
Given most of our funds are beating their respective benchmarks by 600+bps (and the ones that aren't are at least 400+bps), yeah I'd say we're doing well. And how is AM productive? Because we grow assets for pension funds so that people can retire well, we grow assets for hospitals so they can fund treatments for diseases, we grow assets for college endowment funds so that they can offer scholarships.
All of this we know because the allocators who give us capital send us letters every year stating what the capital we grew was used for. So yes, AM is doing something very productive, esp. if geared towards institutional capital. Compared to IB M&A, where studies have proven that 2/3 of M&A fail in their intended purpose, yes, AM is adding value while IB is destroying value. No need to get defensive because your job is a net negative to society.
One would think making 60 slide powerpoint decks all day every day and editing them a couple dozen times would make you realize that just maybe, the job is pointless, but maybe not lol
Reached out to Barclays and they said they aren’t anticipating any changes
Evercore still on for summer with “alternative” plans for internship if things are still bad by June.
Its funny to hear interns about guaranteed full time offers, no serious bank will do that. Best case you get another chance Next summer or another internship when everything is gone
Even if the Summer continues, at the current pace, there won't be any conversion anyways.
no bank is going to risk not having 1st yr analysts unless it's already drowning like DB or UBS
incoming UBS and DB SAs will freak out by this
Our 2nd year analysts are all leaving for PE... of course we plan to make FT hires of our summer analysts, are you kidding? This year's summers = next year's 1st years = 2022's second years. Pretty sure the world will need Analysts in 2021-2022