Are there simply not as many slots for interns? Is the FT conversion rate lower? Do nontargets get screwed? A combination of things?
How do circumstances differ between EB Generalist M&A groups (not Rx) and industry groups at Bulge Brackets? I know Rx groups are protected but have heard mixed things about the extent to which summer analysts and analysts are affected in traditional industry groups at BBs and generalist programs at firms like EVR/ MOE.
Thanks!
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Your market facing groups (LevFin, FSG, ECM/DCM) will see a lot of hiring freezes. Sometimes they won't take back any interns or have a much lower return rate. I know at my bank in the last recession (granted I don't think you should apply this to future recessions given how exposed banks in particular were during the 08 crisis) there were several analysts laid off in the aforementioned groups and the interns in those groups had to go to other parts of the bank or just did not return.
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