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I've heard about several hiring freezes on the street. Particularly, GS, CS & UBS.
Recruiting season isn't over yet, but especially at the BB hiring looks to be down 10-20%.
I've heard about several hiring freezes on the street. Particularly, GS, CS & UBS.
Was 2002 that bad?
Yes. Bad year.
I know for a fact of at least one company who came to campus and did a full interview day, despite having no jobs to offer to the interviewees. They did this to keep a presence on campus and retain good ties with the career center.
Firms are doing that same thing this year. Really sucks for the kids interviewing, thinking there is a good possibility (and told so, with a smile, by the recruiters.
Also awaiting the final offer holdouts, which explode the end of November by many campus career centers. Hoping that all summers don't except.
So like 2002, many FT applicants are in a holding pattern.
Haven't had that experience so far. While I think Lehman and MS are full, every other place has interviewed. Got offers from UBS and Bear, despite claims they'd both pull back on their recruiting because of the most recent quarter. Have a final interview with CS too, so they're hiring as well.
UBS and Bear might be due to lower return rates for their summer classes.
From what I know, Lehman, MS, and JPM are either full or have like 2 slots.
Just to clarify, the hiring freezes only apply to non-traditional hires made outside of the ordinary recruiting course (generally lateral or industry hires). All BBs are still very much open to hiring, albeit at lower numbers than last year. Things are far from great, but this is most certainly no 2002. If it were, people on this site wouldn't even consider looking for these jobs since almost no one would receive round 2 interviews.
"hiring freezes, there are ALWAYS freezes around this time of year – 4h Quarter/Budget holds but my take on things right now is that the market is very good and alive. You will always hear horror stories about one company or another in regards to work environment or hiring freezes but the truth is, you always have to evaluate that for yourself b/c that may be one persons bad experience/opinion."
I'm at a non-target, things have not been easy, to say the least. Hiring seems to have slowed, from my perspective, in ER, IB, and S/T.
Since banks hire less interns than FT, will they still keep a relatively similar intern class this summer and just hire less FT people?
I doubt summer analyst spots will be decreased. The banks will always need more incoming analysts (most stay for 2 years and then leave). By the time the next round of summer interns graduate and finish training, it is already 2 years from now. the markets should improve by then and the banks will need analyts.
Also, with reduced staffing currently, there are definetely more empty seats available. And if the credit markets pick up by june, there could very well be a lot of work that we would need interns to help out with.
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