COVID-19 and 2020 Summer
Seriously. Can 2020 internships get cancelled for quarantine? Could they be remote?
Maybe I’m sketching.
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Not going to lie this has been on my mind
Yeah I'm honestly really worried. I might be paranoid but this virus doesn't seem to be going anywhere...
My hunch is we're entering a U-shaped recession that won't become truly evident until Q3 (i.e., jobs numbers and GDP may be strong for next few months, given the Fed is pulling out all stops with rate cuts for short-term stimulus). Hard for anyone to predict exact duration of recession but I suspect in the next 1-2 years (perhaps sooner) there will be a flurry of M&A/restructuring activity starting to brew as companies (travel sector first) begin to flirt with or trip debt covenants and need to explore strategic alternatives.
no debt has covenants anymore lol
reverse hockey stick shaped recession its too late for the v now
Panicking won’t change the outcome.
I was supposed to study abroad and return right before my internship began, but was told not to go because the firm would likely mandate that I be quarantined, causing me to miss weeks of work.
GS Women's Leadership Camp was supposed to be next week. First it was moved to NJ away from NY employees, then cancelled.
The reaction to this seems like it will only get more severe. Can you even effectively do these internships remotely? It would make sense for firms to prioritize their current employees over their future ones, but this is pretty wild. Would we all just get returns? If the pipeline closes there will be no 1st year analysts come 2021.
Kids, I don't care if Berkeley says you can't come to class, you are expected to show up for your summer internships until we say otherwise. Yes, this might change but it's the most current, accurate information I can provide. Until then, don't panic.
As a VP...
Summer programs will not be cancelled unless the current situation seriously deteriorates. Focus on the aspects of life that you can control and your anxiety will subside. General advice for life.
No impact on FT hiring or offers according to our BB HR.
You guys do know things are starting to look better in China, right?
I get things are different in the U.S. and I agree things will probably get a bit worse but I don’t think the world is ending here. Also not a doctor so more than easily could be wrong. I just think there’s a lot of panic that isn’t quite warranted yet.
The number of businesses that won't be able to service their debt because of this situation is going to be staggering.
2008 is going to look like a handful of bad mortgages compared to the damage this is going to do to the global economy. I have no idea what our world leaders are thinking, but unless this cold virus is the worst public health crisis since 1918, they are overreacting.
I don't know anyone that's sick, and I've been accused of not being the most empathetic individual, so I'm not going to sit here and act like I would make the right call here, but I feel like we don't have a true handle on the damage these shutdowns are going to cause. Universities? Whatever. Travel bans? Bad. School systems? People have to stay home, bad. Cancelled events of all kinds? Bad. Etc.
Add in energy company defaults and the US economy is going to crater because of this. The fed is out of ammo, and our government has no chance of keeping all of these companies and individuals above water.
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CS to incoming SAs: “ We are busy preparing for your arrival!
Part of our consideration for the program this year is the impact of the Coronavirus pandemic. Rest assured, the health and safety of our employees, clients and our community is our top priority. With that in mind, we are actively reviewing our program for 2020 to ensure an amazing internship experience at Credit Suisse. The situation remains fluid, so we will continue monitoring very closely and will provide you with updates in due course.”
Citi email to incoming FTs:
JP just sent out an email reassuring incoming FT Analysts/Asso that offer still stands
Hope is not a strategy. From someone who saw everyone’s offer/job evaporate in 2008/2009 if I were an intern today, or a graduating senior with a job offer in hand, you should be proactively either fighting for your offer (politely checking in) or aggressively lining up backups. It’s the smart thing to do.
Until infection2020.com states otherwise, we are in for a world of pain, potentially reshaping entire industries (commercial real estate case in point). There are funds out there with dry powder that are going to need help sorting through the wreckage - go work for them.
I hope you're well. You remembered correctly - I was laid-off from Merrill Lynch (along with 95% of my fellow analysts) subsequent to the merger with Bank of America. I was out of work for 10 months as the fallout from the Financial Crisis settled.
To say it required an adjustment is a great understatement. I was technically living with my parents the entire time, though I had a girlfriend who lived on Wall Street, and I spent nearly all my waking hours at the office. Truly living with my parents was a bit of a different story (nothing bad, it's just that they'll always be your parents, and they'll act accordingly). Also, due to the stress and the late nights associated with the job, I had gained a substantial amount of weight. My first priority was to get my health in order. I would go to the gym first thing every morning, so that I would start each day energized and with a feeling of accomplishment. It's something over which I had near-total control, and I began to see results rapidly. I think that ultimately had the greatest positive effect on my outlook. I'd suggest you do the same, if you're not already doing so. Health is truly the foundation for everything.
I've recently started meditating for 15 minutes every day using the Headspace app. My mind tends to be all over the place, and I often have difficulty focusing. I've noticed a definite improvement in my concentration, and my anxiety levels have declined substantially. Check it out.
I guess this next part is the hardest to accept, and I don't mean to sound patronizing: shit happens. If I've learned anything in my 33 years, it's that I can't predict the future, but I can do my best to prepare for it. When the unexpected or undesirable occurs, I just accept it, and look for ways to move forward. There are often opportunities to be found. For instance, I hated my job at Barclays, but it provided a good living. I just never felt fulfilled. Ironically, the long, shitty hours I put in ended up contributing a broken engagement with my first fiancee. This freed me to meet my current fiancee, who is from Norway. She gave me the courage to resign from Barclays last May, and I moved to Norway shortly thereafter. I'm currently bartending, since I'm learning the language, and I think it's a good way to do so. I don't know what the future holds for me from a professional standpoint, but I'm excited to see what's in store.
I'd say to take this time to focus on yourself. It can actually be a positive experience. You have an awesome resume, and the right people in finance will notice.
Excuse these groggy ramblings - I just woke up.
Let me know if you need anything at all. Skyping might be beneficial. I find it's always more of a release to actually speak with someone.
Best,
https://www.cnbc.com/id/25739660
Interesting article about what happened to interns in 2008 when banks were laying off thousands of employees. Says that banks cant afford to just cancel the program.