Cantor Fitzgerald cancelled all SA 2020 internships without giving auto return offers...thoughts on this? Seems pretty rude to cancel considering how competitive banking is and that no other banks have cancelled/they're doing remote or giving auto FT offers, etc. Do you guys think other MM/boutique investment banks could follow this and do the same?
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Banks don't care about being rude, they're going to prioritize staying afloat.
My condolences to you and your constituents and your meager pocketbooks. May you requisition an offer elsewhere once more.
What the fuck
Any compensation?
Nobody is gonna know the answer to this - but do you think this is Cantor-specific or indicative of a larger impending trend?
Cantor has announced that they're doing layoffs a few days ago to restrcture a bit. Some sources say its like a couple of people and others are saying its in the double digit range.
Looks like it’s going to be closer to the triple digit range now based on recent reports
Realistically, how one someone who got their internship canceled break into IB? Seems like all the other BBs, MMs, and EBs are still gonna do an internship. Regardless of whether its an auto FT offer, high return rate, or even low return rate, FT will most likely be done 100% through the internship. For the interns that didn't get the return offer, they will have more experience, albeit less than an actual in person internship. So what is someone without any experience supposed to do
Find something interesting to do this summer (volunteer/create a company/do research with a professor/etc), reapply to Cantor, use the pity points from them fucking u over in addition to being well prepared for the interview to secure a ft offer
That would be my strategy
Sheesh. Yeah that sounds like a solid plan. I guess it locks you into trying to get back into Cantor unless you've learned some skills that would be of interest to recruiters and help you break into some of these other firms that are even gonna do FT recruiting.
Seems like if they drop you this time around they'd be less likely to hire you again next time, no? I mean it'd be difficult to look the candidate in the face again, and I'd imagine the candidate wouldn't feel so great in the interview either.
That's pretty much putting all your eggs in the same basket, but there's clearly not a lot of other solutions... Expect some banks to follow Cantor / not fill their FT classes (due to not giving automatic return offers in some banks), and get ready re-use your networking connections from the previous cycle and crush the interviews.
Not clear that a non-offer intern from another bank will have an advantage over someone from Cantor who never got a shot. Put yourself in the shoes of the employer. The no-offer is a red flag. It would be handled case by case, but roughly speaking I think the kid who got no-offered is a bit weaker walking in the door.
Have a friend interning at Cantor, said this whole post was completely untrue. She received a business continuity update two weeks ago.
I personally got a call from the head of campus recruiting informing that my internship was canceled.. Also got business continuity update.
She didnt get the phone call update then
Jesus... are other MMs next like RBC?
RBC is a top BB, they would never do any such thing.
It would be an absolute field day on this forum if RBC did the same. Still would be a top BB tho
Thought RBC already guaranteed offers?
RBC is not a MM bank, it literally competes with the top BB (GS/MS) on mandates and win them over GS most of the time. Corona will be a catalyst for RBC to rise as a top 2/3 BB, just like the rise of Barcap and BoA in 2008, just watch.
L.O.L. rise to #2 or 3 BB my ass, this is laughable. We're talking about the same bank where an inept analyst was caught insider trading. Swallow your incoming intern at RBC pride
Not surprised. I was in their middle office program when they laid me off as an analyst. I also sucked and didn’t take it very seriously and that was my fault. Direct managers were great, but I was incredibly immature and they gave me multiple chances to shape up.
regardless, Howard Lutnick is very much about cost cutting measures and does it frequently (from what I was told).
you got lucky.
employers will understand. like someone said, stay busy this summer and reapply later. nobody will hold it against you as everyone has at least a friend or family member impacted by this (health or job).
Remember hustling months ago at Cantor Info sessions. Thankfully I got dinged first round by some Italian frat kid.
Name and shame as should be, very shitty move on their part. They're really underestimating people's memory and the importance of rep, what do you think their future pipeline of talent is going to do when choosing between offers from similar level players lol
As a European I don't even know this bank, so can't be that big of a deal that they cancelled lol
Haha rude... Please. How quickly we forget that we all plan to walk away and use banks for 12-24 months. Newsflash, they are using you too. They can and will do whatever they want to guarantee the bottom line and attempt to salvage promises they made to shareholders and profitability. That includes whatever cost cutting measure make sense. Now or in the future.
I mean, for F sake some of these banks are busy fending off activist investors (cough, Barclays) attacking their IB division and you would call them rude for offering up savings from an intern class, HA! Hmmm, I can cancel interns or FT offers and keep these revenue generating employees floating a few more months to potentially capitalize on a rebound. Nope, feels rude - Onward with the intern program. Dear employees, please change your life on the drop of a dime, WFH (maybe even still come in to the office), but also train new hires and interns because it would be rude not too.... How does any of that make sense. What scenario makes sense? Recruiting pipelines damaged? Yeah right we would all line up again in heartbeat. Don't fool yourself.
Do you guys seriously believe those business continuity emails and firing freezes? I don't. Not for a second. They can easily walk those back. Meltdown due to some pinhole risk in a business segment that gets exposed due to the pressures of C19? Seems fair to me. Any excuse in the book works. "Oh, we only meant the retail division was safe, not the IB." Damn, you got us on that one.
Those emals and guarantees are nothing more than a PR stunt. Banks are left with their D in their hands at the moment. They can't manufacture PPE and stream corny commercials about "keeping us all connected during these trying times." They definitely don't want to lend to weak businesses who won't be able to pay to them back. Thank god for trading revs our we would all be F'd.
Will every bank implement sweeping layoffs? No. Do I want to see interns and FT students lose offers? Hell no. That sucks. That isn't fair. But grow up... rude!?
If a few banks choose to drop the axe at some point, don't be surprised for a second.
they could have offered to keep unpaid or shifted interns to next summer or followed what all the other banks were doing in terms of shorter internship, delayed start or guaranteed FT offers. So many ways they could have handled it.
It is fairly clear regarding the options banks have. One of them is to cancel summer programs and full time programs all together. You refuse to accept this and I am offering you a chance to accept it. Read the bottom of my post again and I will repeat it for the record: "I do not want that to happen and I would hate to see it happen." While that is my opinion and likely yours you should be rational/mature enough to acknowledge that canceling is not "rude" and might even make more sense than the alternatives. Some of those rational and potentially real scenarios banks are grappling with are detailed in my post in a fairly annoying, but mostly jeering manner. Take a second to think beyond yourself and you will likely agree (most did).
It is borderline unethical and is fundamentally rude to offer unpaid internships, especially in banking. That is largely a thing of the past and will never be offered in the future by any well known firm that has an HR department with an established recruiting effort/pipeline. To much risk, not enough reward. Christ, there was an entire thread bordering on the lines of screaming discrimination for going virtual.
Speaking of HR, let me present one more scenario. HR departments: The cost center responsible for administering your summer program and on-boarding new hires. Combine forecasting nightmares, firm-wide downsizing (expected), hiring freezes, and potentially no OCR in the fall due to colleges remaining online = Sell. If you run a bank, how are you going to advertise for more babies when you are about to axe all of the babysitters? Answer: You are not (joke...).
I will spare you any more of my world view and worst case scenarios while again admitting that I am largely with you guys. I have my tail between my legs hoping I don't get fired.
Absolutely agree. Have it unpaid, have it virtual... doesn't even have to be every day. Just let the kids get some experience and be able to put something on their resume.
Jabroni bank, Jefferies bought all their good businesses anyways
really sucks for all the kids going there. lesson to go to growing firm, not a dying one. don’t think cantor has been relevant since before 9/11 unfortunately, as they got hit hard. classic NY bank, tough to see them struggle. good luck to all.
were you even alive before 9/11?
great joke chief. you killed it. very creative. good job.
I once dated a red head.
they’re all fucking psycho
Well, Howard Lutnick has never been known as a polite guy so not that unexpected lol. Just remember that if you got screwed by him, at least you aren't walking around with as disgusting a haircut ;)
Does anyone know if their 2021 SA or FT recruiting will be impacted? Any thoughts would be appreciated...
Why would you want to intern/work there after hearing that they cancelled all internships for 2020? Especially when pretty much every other bank has done virutal or delayed start date or gave auto ft offer etc..
Dude, I hope I can have the luxury of choosing which IB to work for, especially when I don't even have any choice (yet)...
Cantor is just a pay scheme for Howard Lutnick. This doesn't surprise me in the least.
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