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Source?
Email sent to all offer holders I think
Heard from a colleague; saw the email - confirmed! Congrats Citi interns!
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.
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
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 it likely that other BBs will follow suit?
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
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
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
Not everyone is a hardo and puts up an incoming SA post.
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.
Lmao u worried about the wrong stuff bro go cop that emergency check
Damn kinda feel bad for the people going for FT 2021 recruiting. Practically no spots left potentially?
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
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.
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.
Ex Summer 2019 Citi interns who didn't get the return punching the air rn
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.
I saw the email as well, but how do you know what "minimum requirements" stands for? I just assumed that it means there would be a possibility of getting FT just like every other year.
This sounds like another financial crisis in the making LMFAO
Congratulations to all incoming 2021 analysts. From a Citi employee - welcome to Citi!
I think they do this because they realized they can't properly evaluate candidates through a digital internship. Since the conversion rate is usually 80% anyways they'll make it 100% for this summer and then fire 20% a couple months after they start. I believe the logic is sound, and all banks will actually follow what Citi did.