I have seen firsthand that some incoming sophomore summer analysts at RBC and BAML got both summer 20 and summer 2021 offers in one letter. Is this new or a common thing that has just been sleeping under the radar?
I imagine this is for retention so that kids are discouraged from recruiting with other banks after their sophomore internship, and would mean they have to renege to move elsewhere.
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Can confirm sophomores at my target having to commit to both summers for BAML IBD
What the fuck?
Maybe it's unusual, but it makes total sense...
I'm assuming this is a workaround to banks being pressured to shift recruiting back to normal timeframes? Sounds kind of fucked up though tbh.
Any insight on why this is the case? I would have thought they would prefer to cast a wider net and try out a bigger pool of interns, rather than re-using the same ones 2 summers in a row.
Have heard of this as well. Been told it has to do with many sophomores using internships at places like BAML to then springboard to places like GS/JPM. The bank essentially loses out on that investment.
They could still renege but definitely puts pressure on many candidates to stay.
I do wonder if it is wide-ranging at certain banks. Interned at a BB where I have heard of this happen, yet the sophomores I worked with had to land the return offer as well.
As if recruiting couldn't get any more out of control... So fucking dumb.
I’m usually very against reneging but I feel like this ridiculous enough to warrant it. Like are the full time folks actually gonna think poorly of you for it? I think not. These banks wouldn’t have this issue if they only accepted juniors.
this is gonna be just for the diversity programs, trust me.
I don’t trust you
this is only for diversity candidates so far
Can confirm BAML. You have to think this could be bad for the bank...what if the kid hates it or realizes it's not for them? And accelerated recruiting means these kids are signing at the end of their freshman year or as soon as they start sophomore year. Good way to get confused talent.
bump type beat
ive seen sophomores getting offers to commit for internships junior year
thats very old news tho
take it, then renege the second summer lol
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