DB the only BB not to give full summer pay for interns
May get MS but I'm pretty pissed off about this. Every other bank has shortened summer but given interns their full pay while DB is just paying interns for their 5 weeks. I have college debts, rent, etc to pay off and having half my salary cut for the summer puts me at a massive financial strain. Is there any way DB would reconsider this or provide an additional stipend for some people?
DB is not a BB
Be grateful you still have an internship lol.
Not a DB intern, but this type of statement is so fallacious. Just because other people are worse off in an absolute sense doesn’t invalidate those who are still in relatively worse positions.
If your firm (assuming you are actually an analyst and not another 19 year old on this forum) halved your pay, do you see how non-contributory my statement would be if I were to say “be grateful you didn’t get fired?”
The attempted hazing is so unreal here. Be nicer.
Pouring salt on the wound
You'll get MS because the user base on here blows, but you have every right to be pissed. Though, I'm not sure if DB is the only one, it definitely reflects poorly on them no doubt. DB not a BB. Never forget all those "ranking" and versus threads that people were yelled at for saying be cautious about DB and suggesting shocker an MM bank over them...
You know...I was always the 2nd year in my MBA program's banking club that would defend DB (at a different bank myself). While they clearly play 2nd fiddle to other banks, I always believed that they did have a solid platform and were clearly a market player despite what Litquidity had to say. I always thought it was a jerk move to make fun of a place that your classmates were headed to and make them feel bad, especially when no one actually knows the situation. So I would always push back on people talking shit.
But FUCK if they aren't making that hard.
cant agree more...always admired DB's well regarded grad program and their proud culture (in their glory days anyway) which drove me to take an offer w them...but fuck they're just pouring gas on the fire of bad press
I feel like they are aware how their rep has taken a hit. They still gotta do what they need to to keep the lights on otherwise who cares what the rep is. We all thought Lehman was a great bank until it wasn't a bank anymore.
Suck it up, intern for 5 weeks and get your pay.
I get it, it sucks balls. I am in similar situation, but in Europe. Realistically, what can we do about it? Let's just give our best and try to convert to FT.
Does this make RBC a BB?
That's exactly what I said a couple of comments above. But expect monkey shits from entitled kids that should get their damn 10 week pay for 5 weeks of work despite the crisis that's affecting the global economy, and pandemics killing hundreds of people on a daily basis.
Don’t see where they said it was DBs responsibility... it’s not like they’re going to DB or anyone for that regard and saying “pay for this”. JW, do you have any student debt that your internship is going to be used to pay for?
I think the reason for complaints is the idea that banks shouldn’t “bait and switch” especially when other banks are keeping to their original pay agreement. Even if Covid is the reason, shouldn’t the burden come on the employer ie DB, rather than the intern who may have made plans around assuming 10 weeks pay? I think the answer is a clear YES considering most firms will pay fully not out of the goodness of their hearts, but Bc they know it’s a fairer thing to do. just my .02
sorry u didn’t hear, RBC took DB spot as BB.
What I don't get is why someone should get full pay for half of the effort.
Yeah but that's like a gift, not something you deserve. I was really surprised when I saw that some companies were going to do it. It's fine for me, each one decides what to do with its own money, but it was shocking for me.
I am also an incoming intern this summer; fortunately my internship has suffered no changes, but if my firm decided to slash the length, I would not be angry to receive a proportional slash on my pay; I think that it would be fair. I am receiving a top quality training, I am getting paid a good amount of money while I am not really creating any profit for the company and I am receiving the chance to get a FT offer, or in the worst case a great brand on my CV. I feel that I'm not entitled to that full pay.
On the other hand, I would be extremely grateful if they decided to pay me more than what I deserve. But that's their choice, not something that they have to do, IMHO.
I mean, yeah. It sucks, but seriously? you're complaining about not getting paid x2 the time you're working? If you can even call a virtual internship working. I can't believe interns would even expect to get paid over what they're working.
I'm not saying DB are doing the right or wrong thing here btw, I just think you shouldn't be complaining about being paid 85k pro rata.
Seriously dude? Interns shouldn't expect to be paid AT ALL for virtual internships? It's an employment contract after all
Also the idea that just because you're paid x amount of money then you can't complain about anything is absurd. Why can't people express discontent about something that doesn't sit right with them?
Basically: • Revenue went up and costs went down • Trading business specifically is doing exceptionally well • Top 3 ranking in a few groups now for both S&T and IB (ex: US Treasuries, Debt Origination etc) • Momentum expected to continue throughout next two quarters • US banks fell in Germany, DB back to #1 in home country • High profile transaction was T-Mobile & Sprint merger • Internship program will be in July, 2-4 wks depending on division, 4 wks pay no matter duration of internship, and logistics under the wraps with 3rd party talks on an optimal virtual internship program experience
i'll put it this way... whoever is still at DB is really because they have no where else to go. Let that sink in.
You clearly have no idea what you’re talking about. DB has top rankings in the street for groups/products in both IB and S&T.. Global presence... Historically higher pay... DB alumni have either moved onto prestigious buy-side roles or created their own top firm globally... DB’s culture is generally regarded as most entrepreneurial/diverse/inclusive on the street... Extremely reputable bankers/traders that have been targeted by headhunters and recruiters all the time but they choose to stay because they want to. I know this because I’ve talked to employees personally in both US and international offices. Sure the bank has gone through shit and sometimes their employees could be feeling “on edge”, but the front office folks I’ve spoken to are all highly respected in the industry and they thoroughly enjoy the people they work with. Especially to the older guys in finance, DB is still a huge reputable and solid firm if you go anywhere in the world.
"haHa LeL dB nOt A bB gUyS aM i RiGhT"