Full Time Offers
Hi guys, any BB 2012 SA received FT offers yet? If not, any idea when will it be made known?
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I sit by HR, and am not talking about my bank in particular, but heard many of the banks are not hiring FT Undergrads this year.
From what I heard almost all banks were doing a deferred-offer type system, where they were told on the last day that offers would go out anytime between a couple weeks until mid september. I know a few banks who gave out offers and the offer rates were not very good.
edit-i should add that the offers that I had heard went out were in S&T. none in banking.
From what I'm seeing, it is about half of the BB banks that are doing the deferred method. UBS and DB for sure, I know MS and JPM offered on the final Friday as usual but are playing hardass on explosion dates. BAML had standard offers too. Heard nothing about Citi or Barclays.
As someone mentioned, it was standard on the S&T side but the numbers were brutal. IBD is where kids are getting shafted with this deferral thing.
People I know in Citi IBD have gotten offers already fwiw
Hi guys thanks for the response, have a few questions..
What is going on with a deferred offer system? I fail to see how it can reduce cost given that SAs will not add to headcount immediately, perhaps 1 year after. So does it mean that the banks aren't sure how many to hire? What's going on?
Any advice to IBD SAs on what to do in this situation?
yes, its entirely for headcount purposes. Banks don't necessarily know how many they will need, hence they give deferred offers while they fully flesh out how many they'll need. Banks generally have had a bad habit of overhiring when things begin to turn around and then having to cut ranks among those they hired (see: UBS this year), so now everyone is being very cautious.
There's not much you could do other than look for other FT accelerated hiring while you wait. This actually gives people an opportunity to get an accelerated offer before they know, which in some cases could be a good thing (ie if you don't end up with an offer it won't hurt you just yet, and can hopefully line something up in the accelerated process). IMO, since numbers are generally down across the board, it would probably be in everyone's best interest to go out and try FT recruiting while they wait just in case.
Barclays - 75% offer rate for IB Deutsche Bank - 65%
GS summers have received offers.
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