Banks should take this as a lesson to stop recruiting so early
The race to the bottom in IB recruiting timelines over the past couple years seemed like it was never going to end. Now, it appears that kids who were recruited for junior internships halfway through their sophomore year - without having taken anything beyond intro-level classes and likely not having any meaningful internships or experience under their belt - are going to be entering those very same roles full-time without having experienced them through an internship.
The 2021 incoming analyst class at every bank is going to be an absolute disaster. Though I wish the best for everyone entering these roles, I'm hoping banks take this as a lesson to recruit more intelligently and stop valuing speed over quality. Kids who would have failed miserably in their internships are now going to be joining full-time. Kids who would have realized one week into a banking internship that they hated it are now going to be joining full-time. The 2021 incoming analyst classes are going to be filled with some of the most incompetent, unmotivated bankers who ended up there just because they managed to get through a super day in their sophomore year. Hopefully, banks learn from this shitshow and push back recruiting to a more reasonable time where they can recruit people who are actually qualified and motivated, instead of people who just applied on a whim.
Chill. It's a pandemic, this isn't some common occurence. The benefits of attracting top talent are substantially more valuable than the outcome if every bank acted like there'd be a pandemic each year.
I think the point you made about interns who will realize they hate banking is spot on and that can likely result in higher attrition than usual. However, I do have to disagree regarding the classes being filled with incompetent bankers. I think most of these banks have done the math and realize most of these people will get return offers anyway, and that they can cut the ones who end up being poor performers. Yes, this class will be less experienced than previous classes, but I think its too early to say there will be a notable difference when its all said and done.
unless you're on the non target grind and have many valuable experiences. Theres kids in my SA class who have never had an internship.