DB HR Recommends Exploring "Summer Alternatives" for SA
Along with the frustrated incoming DB interns in the other thread, I have reached out to HR multiple times for feedback on current plans. In my latest call, I pushed further asking about the potential alternatives for us. After breaking past the BS, she made an offhand comment on preparing "summer alternatives" in the event SA is disrupted. I followed up asking if this meant in terms of housing/technology or the entire internship itself but she kept being vague. I know when they shut down their Houston office, they gave no notice to the incoming SA and canceled their internship with only the offer to interview for FT.
Maybe I am reading too much into this, but I do not understand why they can't give us a straight answer less than 10 weeks before the internship was supposed to start? I am hoping for the best, but honestly am starting to creating a backup plan.
Is seems like the issue is... did she say they're exploring alternatives? Or she was advising you to explore alternatives?
Highly doubt that they would say the former. Definitely need the OP to clarify but highly doubt it. HR probably meant alternatives in the sense of doing a virtual program like PWC possibly
You mean "highly doubt that they would say the latter?
Just a FYI - when they closed HTX office, they moved all interns / incoming to other offices.
This is 100% not true. Had an incoming SA friend who was left to dry. Also talked to multiple analysts in the office who got laid off, without getting the chance to relocate.
That's just f'in awful. Even the smallest of boutiques shouldn't do that (at the very least, let the kids intern for free so at least they can put it on their damn resume.)
All right, cancel the internship. I don't give a fuck. But they damn better hand out FT offers.
Honestly I'm not that stressed but I like cursing online lol
Just got off a call with HR for DB SA in London. Still very minimal information provided which is getting quite frustrating as other banks have already made decisions regarding summer internships. It seems for now they are going by the assumption that the internship will go as planned (in person) while still monitoring the situation for alternatives. I find it difficult to believe that an in person internship will happen especially when considering that people will have to travel from all around the world to attend. HR said that we will be getting more information next week, although they said the same thing last week... Any further insights are welcome!
DB SA London and HR have said they're fully committed to holding the programme as promise, but they are looking at start date possibilities, whatever that means
Good sign?
Considering the fact that they haven’t updated any plans to substitute the placement day most importantly is pretty suspicious.
Think about this for a second:
“Do not book any flights or accommodations” = even though DB’s internships should technically begin in a little over a month on June 1st like other Wall Street banks, this means they’re not projecting an in-person on the original start date. It takes people a pretty good amount of time to try to find flights and accommodations especially if this is an international bank... So this definitely confirms it will be a virtual start, push start date, or complete cancellation.
They sent out a statement to all groups from NY office to SG office stating their plan is in progress and will be updated soon = there is a collective decision being made on virtually all groups/desks. Aka there is an underlying issue/concern aside from covid itself that is making the overall bank question whether or not it is feasible to conduct the internship program. If virtual was such an easy option, they would not hesitate to move forward with that outlet like other BB’s and not wait so last minute for that statement.
DB has had a history of closing shop and letting go of employees and interns with no hesitation or prior information. That just goes to show they will make decisions discreetly through upper management and execute hastily after a decision has been made. This means if you were to find out any new updates about the internship program, there’s a pretty good chance it will happen at the very last minute. Be ready to wait a little longer.
Looking at the overall culture and past history of the firm *(ex: how they previously made decisions, group performance.. etc) * you can pretty much tell that DB is trying to hold this out for as long as they can while at the same time keeping their options open for the sake of their bank and not for you.
Just being realistic here. Keep your options open and prepare for the worst; no one is safe from this bullshit.
Literally only 2 BBs have moved to fully virtual, and the Europeans in general have not said much. Chill.
The app is trash. They just promote their own bullshit on it. No useful data whatsoever
i swear to god if any employee reads what you post (or any of the other dramatic complaint posts here), they're going to beg upper management to cancel internships because they'd rather screw everyone over than risk hiring someone as obnoxious as you
Cliff's notes for those who didn't get the message:
Start date pushed to July and internship will be shortened to 2-4 weeks, exact details TBC by ur local recruiter
"The format will be fully virtual and you will be eligible to receive a full-time graduate offer at the conclusion of the program"
4 weeks pay instead of full pay...
Honestly at this rate, we should all be thankful we still have an internship going for us even if it’s a max 4 weeks - a lot of other people have had theirs cancelled entirely. The full time offers are contingent on certain factors structured in the program, which I’m sure HR will communicate with us about over email.
Relax guys/gals, you have the internship. Finish classes, pick up some new skills, network within/outside the bank, and enjoy your summer until the start date. This is great news despite all the circumstances happening in the world and within DB.