Some people I know are being held to a 2 summer contract with some middle/lower tier BBs in NYC. My question is what is the point of BBs doing this when they have yet to see them day to day in the office? Has this been a common thing in years past? Just trying to get some more information about it. Thanks
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They do it because they can. Sophomore year, they have all the leverage - if you are a terrible sophomore summer, they either won't bring you back junior summer or will bring you back and still not give a FT offer.
Seen both happen
In that case it doesn't really seem like a bad thing having 2 guaranteed summers to work with. Only issue is with lower tier BBs, (UBS/DB), outlook for the future is not great yet the SAs are kind of trapped there under the 2 summer agreement.
it’s just a way to compete for talent. if you have any BB during your sophomore year, you’ll take it.
Just reneg your junior summer. Nobody gives a fuck
Feel like that's an easy way to burn bridges real quick
As long as you go about it professionally, nobody will blame you. There is no shame in putting yourself first. Why would you go back for a second summer if you don’t like the bank? It’s as simple as informing HR and/or your group that while you are thankful for the opportunity to return, your interests are more aligned with something else. NOBODY WILL BLAME OR HOLD IT AGAINST YOU. DO NOT LISTEN TO SOPHOMORES TELL YOU OTHERWISE.
Also think this is mostly diversity candidates.
I got a 2-year offer from a mid-tier BB for 2020/21. I ended up turning it down to go somewhere else, but I think the big reason they did it was that they wanted to increase retention from sophomore to junior year. Once you get a BB sophomore offer, you immediately become a very competitive candidate to re-recruit as a junior. At this specific bank, EVERY alum from my school that had done the sophomore summer program leveraged their experience and switched to a "more prestigious" firm as a junior. Knowing that people didn't want to stay there through FT made signing the 2-year deal a hard sell for me and a lot of others who got the same offer (though the security of a guaranteed junior return was pretty nice).
PM me.
you already have an offer for 2021 secured? goddamn
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