Now that all the BB's have gone virtual for their summer internships, has anyone heard anything about FT return rates and expectations? Obviously revenues are down during this and some banks have talked about reducing headcount will this potentially affect return rates for summers?
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Bunp
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Which BBs have talked about cutting headcount? Didn’t most banks assure employees their jobs are safe for the time being?
currently employed people are safe but that doesn’t mean future headcount won’t be reduced. not saying that it will
Banks have said they aren't firing people during the pandemic (this is purely for optics). Everyone with half a braincell knows that they always downsize during economic downturns, and this downturn will be no different. Especially if they aren't firing people, hiring less new people is basically the only way to reduce headcount now. I'm in the same boat as all of you, but I would expect offer rates to be decently lower across the street, unless more banks decide to be nice and just dish out offers to everyone. Lots of banks also had (have?) hiring freezes, not sure how that impacts things.
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From what I’ve heard most of the IB layoffs will be at the VP level.
It seems like people expect a small (5-15%) decline in 2021 class size (and thus SA return offer rates) as banks like to keep the analyst level fully-staffed but this is questionable given automatic offers already given by Citi, Moelis, and Blair. If they are showing that they’re willing to take on a full class and make no cuts, then other banks may be pressured to do so as well. Or at least average/slightly higher conversion rates
Tldr: literally nobody will know until August
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