Deutsche Bank has yet to give a SINGLE UPDATE for SA 2020
All the other banks are making changes, and if not changes, at least emails of assurance. And these fuckers haven't sent out a single email regarding ANYTHING. Pissing me off.
Sounds like DB...
That’s terrible! Have you already tried reaching out to the HR?
Someone in my class did, but no real response. A girl in my SA class has a family member in the higher ups of DB, and she doesn't have any word either.
what did they respond with?
edit: If they have yet
They can't give you assurance, that's why.
In all honesty, I'm sorry to hear this man. I know some people who have worked there, and it doesn't come as a surprise but they really are not doing that well right now. They will eventually respond and hopefully the program isn't in jeopardy.
Incoming DB SA here. I've had a few calls with HR recently but no proper reassurance yet. What I got from the call is that it is unlikely that a proper in person internship will happen (not really a surprise) and that they are talking with other BBs to decide the best outcome. We should be getting more information either next week or the week after, for now there is not much that we can do. I'd like to think that it is more likely than not than the internship will go ahead but through a shortened virtual program.
did they say it’ll be a virtual internship opposed to cancellation?
No, not straight up. I don't think that they are allowed to share information at this point. Considering that most other BBs are maintaining their SAs, it would be surprising for DB to go the other way.
Thanks man appreciate it. Are you in NYC?
you in ny dcm?
Seems as though they will follow what other BBs do. Likely will be a shorter program and virtual
similar to JPM
Don't worry they'll reply as soon as they will have finished to move all the S&T's cardboards.
DB = Dumb Biatches
Dam, if it wasn't already bad enough working at DB
any updates????
Nope, these assholes. I swear to god, if they cancel internships without pay, I will lose my shit. I had some lit corp fin offers that I passed up for this.
i emailed my recruiter in nyc office and they said to expect an update "within the next couple of weeks," which is super late imo...
what division are u in?
Do you think banks will have different decisions based on internship location? Or 1 decision for all interns/groups? Because I'm at a satellite location and the virus is nothing like NYC over here.
s&t
Are you implying DB is not a well run organization?? I certainly cant wrap my head around that.
What did you expect from signing with DB? We're not just memeing or whatever. When people say they would rather pick an upper-MM like JEF/HL over DB quit flinging MS.
relax, literally no foreign bank has said anything yet lol
apparently CS just did
Saying what?
Internship has been pushed back with 10 week pay . can’t confirm ..i saw it in CS thread
thanks for this update thread on DB, but could my fellow SA tone down the whining. you're literally just baiting people to shit on DB more
financially, is Db doing fine during this?
No they are not, but at least not as bad a situation as UBS IBD.
in your opinion, what will db do in terms on interns? i cant help but feel worried with every bank releasing reassuring statements
"hey other intern, in your expert opinion will other interns do?"
lol
I think they're going to try and just follow what the rest of the BBs do as they seem to really be trying to salvage their platform and become a serious name again. But don't get your hopes up.
UBS just beat Q1 estimates on profit today by $350mm so I think you should pick a different bank to make yourself feel better about. DB wasn't going to turn a profit this year even without Corona.
Based on conversations I've had with people for group placement, seems like the alternative is a virtual and/or shortened program, not canceling. Cannot confirm obviously since situation is fluid but highly doubt they will cancel, especially considering what other BBs have come out with. DB is probably waiting a little longer to make the right move (better than them making rash decisions, in my opinion). But trying not to get my hopes up too high just in case.
you had a placement day already?
Not yet, just calls to discuss the groups
they just sent out a message today that everything is tbd. only time will tell
when’d they send that out?
They sent it out in that app they made us download
I have the app, but didn't get a message? Wtf
just read the message--dunno how to interpret it
Same. It seems like they are trying to make things work by exploring options and that should be positive but idk.
It’s DB what do you expect?
It’s DB what do you expect?
Incoming FT in London here. Still no news
Could anyone share what the message looks like? Thanks.
To those wondering, the message was
"During this unprecedented time, we want to let you know that we are thinking of you and hope that you, your family and friends are staying safe and well. Since we last communicated on March 20, our organization has transitioned to working remotely, in response to the COVID-19 pandemic and understand your college life has changed as well. We find ourselves adjusting to a new normal, with a continued focus on the safety and well-being of our employees, including our interns. As previously mentioned, we continue to monitor the impact of this health crisis and any potential impact it will have on planning for our 2020 internship programs. As we continue to explore options, we will keep you updated as we make decisions. For now, we have decided to pause any desk placement processes until we have finalized our approach for this summer. In addition, given the increased spread of coronavirus cases across the US and implications on travel businesses, including short-term rentals, we have decided to pause travel reservations for the intern program. If you contacted our travel desk, you will be notified that your reservation will be placed on hold. We also ask that you refrain from booking any accommodations for your internship. We will update you as soon as possible regarding any future decisions and thank you in advance for your patience at this time.
In the interim, please know our graduate recruitment team is here for you and available for any questions or specific concerns.
Stay safe and we will be in touch soon."
Is this US only?
I'm in the US. Can't speak for others.
why are they pausing any desk placement processes for now? i feel like even if the internship is virtual or they decide to give out FT offers, they would still need to continue with placement. does this seem like a bad sign to anyone??
Agreed. Not a good sign to pause placement
I mean it's not the greatest news but placement day was technically supposed to be next week. I'm thinking they probably just want to figure out the format of the internship first (if it's happening) and then pick up where we left off? Idk
What do people think about the chances of guaranteed return offers like other banks are doing? I feel like with the reputation DB has had recently, they have the most to gain or lose from doing or not doing this.
flawed logic. What do they gain by that? A good reputation with their current SA class? In my opinion many banks will do the virtual internship with some kind of project and then give out offers. They have nothing to lose by doing that and no need to rush from their side. And no just because 2 banks have done it, this doesn't pressure the banks at all (because why should it? Who would hold them accountable if they do not follow?)
not flawed logic, makes perfect sense. the biggest thing for db is obtaining and retaining top talent. they still have strong programs and need to bring in new classes, so unless they’re going to fail in the next year SA should be fine. and most banks do follow suit to other ones
Updates?
Nope
Seriously concerned at this point, especially considering every other bank has at least sent some form of email addressing the situation. What are the odds of DB actually rescinding offers?
super high actually, it would be the perfect opportunity for DB to finally optimize their cost structure
I wouldn't worry too much, they will most likely send an update this week.
Zero
Followed up w/ HR today - Only response was smth along the lines of "we're still looking and will keep you posted"
still looking at what? options ?
don't know, all i got was a vague blanket statement.
Not looking good, IMHO. Would not be surprised if offers are cut
it's not looking great either, but I feel as though there is no way that DB could rescind offers from a PR standpoint. imagine how much bad publicity they would get if they were the only BB that cancelled? even MM and EB have told interns that their jobs are secure.
Was anyone able to decipher what the message that they sent out a few days meant; wasnt' it basically the same as what they sent out last month? What other banks have yet to confirm stuff. UBS, Barclays?
wdym? Class of 2022 would apply there like normal. So many people want this job that they'll find enough talent willing to fill their summer analyst class size. I mean even before this PR for the firm was not great and still many were willing to take the risk.
I was on the phone with the HR (not US) they’ve mentioned that as of right now they are looking at either sticking with the original plan or going with an “alternative” plan (which wasn’t clarified). All we can do is wait and see, there is no point in speculating. The fact that group selections have not happened yet is very much concerning (albeit not sure if other banks have already done that).
Assuming Asia? Curious how the original plan would for all regions mainly when its a shitshow in NYC and London.
b
Tuesday gone and still nothing from these motherfuckers.
ANNNY NEWS
Fucking nothing. This is bullshit
another day and still cucked by Deutsche
realistically , when would we find out do you think? i’m assuming next week. anything after that seems so late
I wouldn't be surprised if these motherfuckers let us know a week before June 1st. That's the type of assholes they are.
Bro you should probably just not take the job since you dislike them so much
And you should probably go to hell
Lmao no updates at all? Deutsche better do something big to redeem themselves, they're really not doing themselves favours
Damn right
Start looking for back-up plans guys... If you think I'm kidding, I'm not.
I mean Barclays hasnt said anything either. Why's only DB getting shit on so much
Because people have been constantly shitting on DB in this forum ever since last summer and expect the situation to only get worse
Barclays has. We were told that they are still evaluating the situation, and to avoid making travel arrangements at this time. They also told us they were exploring alternative delivery options.
When do you realistically think they will respond by? Tomorrow? Next Friday?
Realistically, they will HAVE to respond by no later than 2 weeks and I think it will be then.
Everyone in the firm I talked to said they're pretty sure it's not going to be canceled. Then again, nobody said anything concrete and them "halting" placement day is just a bad sign.
wouldn’t they have already cancelled it? if they’re so set on not having the program why would they wait this long
just got off the phone with hr, they have confirmed that the program will be for sure happening. whether the program will have a delayed start or be totally virtual is still up in the air, but the internship program this summer will not be cancelled.
You have no idea how helpful this was. SB'd
u in ny? what dpt?
Hi, what city are you interning in? thanks for the info
nyc, but said all internships will be fine regardless of location
Thanks for the update. Any mention of automatic FT offers as Citi did?
didn’t say anything on it
No way they would even hint at that over the phone. They haven't even said anything about specifics of the internship yet.
thank you soooo much for this incredible piece of info. made my day
posting this again from the other DB thread:
Just got off a long call with HR (APAC). They're finalizing things and most likely we'll hear by end of week/next week. Indicated that it's very likely we'll have late start + virtual internship and changes to "assessment for graduate opportunities" (obvs didn't go into detail but I suppose that means there wil be more interviews/projects after the summer/end of summer to access who gets a return offer? HR also said summer interns "will be prioritized for 2021 hiring" - sounds like auto FT is off the table? :/ ). Also mentioned possibility of a Plan A + Plan B. Whatever decision they make will most likely be implemented globally, and that things are changing so rapidly that they want to remain "flexible".
Any updates? Bump
Anyone else with NYU housing getting worried? We don't get our $500 deposit back if we cancel after May 1. DB should have given us an update by now,
I called the NYU intern summer housing desk asking about this. They said that they plan to keep the cancellation deadline by May 1st but they might release a new statement on the website prior to that date to give flexibility for students. They also said June 28 is the new check-in day for the summer interns and you can adjust your payment/room option before then if you still decide to room there through early-mid August.
Really just a waiting game to hear updates from both DB and NYU to make a decision by April 30th tbh.
Thanks for the update!
Any possibility that they give auto FT offers? Seems like many other banks and companies were set on virtual weeks ago and announced it even without having full details planned out. Is it possible that it may be too difficult to have a full program and they have more of an online training type thing that some companies are going through with?
Unfortunately it just won’t happen with DB which sucks. They would have to convert everyone doing S&T and Corporate Finance. And I cannot see them converting 100% of their S&T class. I hope I am wrong though lol
Why? They tend to have high conversion rates in S&T as far as I know. And it would be great PR, which they need...
Did people see the message that got sent out?
what message?
Check DB app
Do you think they would ever change their stance on pay considering most other banks have committed to paying their interns the full 9/10 weeks.
i doubt it
I just don't understand their decision, I really don't lol
Only way would be an auto FT offer. Or even increase the signing bonus?
Is anyone gonna try asking about this during our HR calls... haha
Kinda bs they are only paying 4 weeks and didn’t guarantee ft offers
Also spoke with HR and it’s confirmed offers are not guaranteed
For all divisions or just your division? You explicitly asked about auto FT???
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