Are banking offers down this year? A friend of mine mentioned it to me but I'm not sure.
Hey guys, just wondering if it's true that banks are giving out less offers this year than they did in previous years?
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Putting aside some of the regions with extenuating circumstances (e.g. London, etc.), I would say most of the U.S. are firms are 'rightsizing' rather than cutting in anticipation of a recession.
2018 was an awesome year for banking and banks really loaded up to meet that demand (my EB added I think 10 slots to the SA class in NY for summer 2019 during recruiting season of fall/winter 2018). I'm curious to see where 2019 numbers are coming out, but my impression was that 2019 was a good year for banking but not quite as good as 2018. As such I think banks are cutting class sizes a bit to adjust to that (I think we ended up reducing class size ~5 spots so still up over 2 years ago but down from the big jump last year).
Other banks with extenuating circumstances in the US that are struggling (like European-based DB, Barclays, UBS, etc.), it wouldn't surprise me if they are cutting down more than 'rightsizing'. If anyone has any information on what the main bellwethers are doing (Goldman and Evercore) in the NY office specifically, I'd be curious because I think that would be a good indicator of where the market might be headed.