Covid-19 IBD SA 20 daily updates
Hi guys, I have thought it could be useful for all of us to have a thread in which we can share our updates about the current situation, both official updates received by the banks of our SA Programmes or from other relevant sources (i.e. professionals already working in IB).
Thank you in advance for your contribution!
There's several other threads with this but they became bloated with off-topic nonsense. This will do.
I've seen those threads too. This one is created to collect only relevant updates on a daily basis, that's why I haven't asked for personal opinions that would potentially bloat it with off-topic nonsense. We can all make an effort to avoid it.
Banks are concluding their Spring programmes right now, so HR still focused on these ones. Heard Arma Partners interns have been furloughed until September.
Im assuming this is for European offices only. What about NYC and CA since it's not like interns can easily do off cycle internships.
Yes just for EU offices, sorry for not having specified. Idk about US ones at the moment.
SA Toronto - Postponed
Did they postpone to July since Toronto cancelled public gatherings through June 30th?
yes most likely
which bank?
bank, group, new date?
bump
Canadian Bank or US bank w To office? Any other details?
which one?
SA SF - Postponed from late May to late June
Is this a MM/BB/EB?
MM
Not related to IB but Accenture moved to remote internship.
I cant say without giving to much info away, but all interns at this bank both fo & bo were told that 2 month internships starting July might happen.
Is this a US bank? Located in NYC?
Toronto office only as far as I know right now
Got off phone with MD couple days ago at BB who is in charge of analyst staffing and according to him there is an extremely high likelihood of virtual internship this summer and no shot people are gonna be in the office by June.
location? division? and what BB if you are willing to say? did he give any details on how this may be possible?
NYC euro bank and all divisions. Idk anything else everything is hearsay at this point and no one really knows anything for certain but anyone could tell you that’s the most likely scenario.
Any clue whether all BBs will follow suit with each other or will every BB make their own decision regarding whether to cancel/virtualize the internship?
In my opinion, I think that all banks will follow each other especially BBs that compete for candidates. It would look very bad on one bank if all BBs had virtual internships except for one that canceled. Hopefully this is the case
All BBs, EBs, and major MMs will very likely follow each other for sure. In regards to both pay and whether it's in-person or virtual. I think with BoFAs first move to guarantee pay that means most banks will as well. SA pay is pennies for them anyway.
This may very well happen, but it seems a bit premature to say it's very likely when we're still two months out.
They didn’t say that it will definitely be in person, just that it is secure which still leaves the option of remote internship.
Received an update on IB division, BB, NYC. Start date may be delayed, but program will happen with pay starting from original start date.
Anyone has info about SA in London?
Haven’t heard official communications from BBs, EBs and MMs in London at the moment. Does anyone have any updates?
Probably will be a few weeks longer. Internships in London usually don't start until late June and in some cases basically the first week of July, whereas in the US they usually start in the first or second week of June.
HR at my BB hasn’t made a decision yet
BB London - no changes
Haven’t received any email yet - EB London
No changes at the moment, all banks are concluding their respective spring weeks
I'm not a BoFA SA, but I just want to say props to them for stepping up and taking the first move here. This will likely cause the rest of the street to follow likewise. Shows good on their culture.
What this first move is and where?
Had a few offers on the table from multiple BBs. Picked BofA because I was extremely impressed by their culture. That decision seems to really be paying off now
Directly from Bank of America: “We would like to reinforce your job is secure, and you will be paid beginning on your currently scheduled start date (June, 2020).”
Thank you, is this only for US or also EU?
This e-mail refers to US only.
Probably same measures will be taken in EU too
Capital one all divisions including capital markets has gone full remote with pay!
Remote internships could lead to a training extension and less work? I am worried about that option
My BB (GS/MS/JP) just sent out an email delaying starts to July, with a virtual program in the works if stuff isn't better by then. They're compensating from the original date & providing the housing stipend still, like BAML did.
edit: Looks like it's firmwide for all interns.
Is this for IB or what division ?
I am in IB, but it looks like the email was addressing all interns. An IB virtual internship would be hectic/chaotic/etc without any guidance haha
The bank is JP Morgan. Not sure why we have to hide which bank when it’s a firm wide email to all 150+ interns
lol true.. so weird
Yup it was JPM -- not sure why I hid it either, habit I guess
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