I've been browsing through different threads regarding the state of Merrill offers, for both associates & analysts. Different people have been saying different things, across different threads. So I thought that I'd make this thread, dedicated to communicating any news regarding the state of any Merrill offers on the line.
Any new thoughts? Most recently, I think IBnutz has mentioned he's heard from an MD in Healthcare that all offers are likely being pulled as soon as the deal closes. Any insight?
From my understanding, BofA gave virtually no offers on the analyst level for IBD - maybe 3 or 4 in total is what I've heard. Even with the merger and the economic downturn, I don't think it'd be realistic to let go of EVERYONE on the Merrill side, at least the analysts. Certain groups at BofA are nonexistent or much smaller than their ML counterparts. So while I do think at least a couple of people will be given the boot, I don't think everyone's saying goodbye. Thoughts?
This is what I know about the summer class. There were approximately 60 full-time offers given out, with an 85-90% yield. That brings us down to 51-54 total full-timers. Moreover, as far as I know, we were all given generalist offers. Moreover, there really isn't that much overlap between B of A and ML... their banking is largely undeveloped. They have a few strong groups and everything else is pretty weak. I have no definitive word on the offers, but I hope that there's room for 50 analysts. If not... we were all ranked from 1-60, so just hope you're near the top of that scale.
3 to 4 offers at BofA and 60 offers at Merrill seem unrealistic to me. Not sure from where these numbers come.
I was a summer at Merrill and 10/12 in my group (FIG) got offers. 3/3 in Sponsors, 2/3 in LevFin, 5/5 in CorpFin, and all except 1-2 in M&A got offers. Actually, I haven't heard of a single group giving 60% offer rate, and, given that there were 100 summers in NY - assuming that you're omitting regionals in the 60 count - it's hard to believe that only 60 FT offers were given out. With the average offer rate, I'd believe the number to be closer to 80.
BofA definitely gave more than 3 offers in total for FT recruiting.
I mean I know one guy personally who got BoA FT offer and considering how big the interview pool was, I think 3 firmwide is just not true.
With the BofA thing...i got an offer, and know of several others (from my school alone) who did as well.
uru's spot on. werdwerd has no idea what he's talking about. 3 offers? come on dude.
Guys, they're still figuring out how to integrate the current bankers, which means they've hardly had the time to worry about people starting in June / July. I'd hope for the best but plan for the worst.
the word i got from an MD in healthcare was his hunch, not official ruling of any kind.
I have buddies who are in 2nd year of b-school at a couple of schools who got offers at BofA (associate level) and they say their incoming class is in the mid 30's range in size. That's a rough estimate.
Sorry, I should have clarified regarding what I originally said. When I said 3-4 BofA offers, I was talking specifically to IBD analysts. Also, This was also separate from whoever from the summer received offers to return. Also - it was a rumor I heard, nothing definitive. So: I heard that there were only 3 ro 4 offers given out of top of all of the summer offers extended in banking.
Also, I think 11/12 in M&A got offers, 3/4 in Sponsors. But the point remains the same.
I guess no one knows much at the moment. Let's keep this thread alive as we hear more news. Thanks to everyone who posted!
I was specifically referring to IBD analysts who did not summer at BofA as well.
I heard the Summer->FT offer rate was around 50% for the HK ML office (usually closer to 70-80%). There were around 70 analysts and associates in total there and close to 700 globally over the summer. Heard NY offer rate was around 50% also, so taking that globally will mean 350 FT offers in total.
I mentioned in another post that I've not heard of offers being rescinded as yet, but definitely heard some associates hires are being moved to another desk (but still FO).
To be honest, I dont see the point in rescinding offers atm. Most are due to start in July (analysts) and September (associates) so why not keep them waiting until then at least. Signing bonuses are not really an issue as they are paid with 1st month's pay. In essense, it's like a free option. If markets pick up, then you have people ready to fill in the extra roles. If not, cut them after a month. At least no messy contract disputes this way.
KingKitega - I don't know how signing bonuses work for associates, but analysts usually get their bonus after signing the contract. I am pretty sure that Merrill already paid out the signing bonuses.
Merrill has definitely paid out analyst bonuses for NY signees.
Damn they got bonuses really early.
I thought most pay bonuses like a few months prior to the begin date.
Some firms, including ML, pay signing bonuses within 90 days of signing the offer
Within 60 days.
You really should learn to think big picture. No need to nit-pick, especially when you're wrong.
It's within 90. Says so on my contract.
I learned in a different post that ML S&T pay stub bonuses year-end whereas IB pays analyst bonuses in July still. Thought it was strange too, but inconsistencies certainly exist.
alokin demonstrates why it's a bad idea to post so obsessively on this message board and why anonymity never actually exists.
you're just as cocky on this message board as you are in real life.
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