Just heard from a friend who accepted a position at HSBC that her start date is being pushed from July to early October due to COVID. Any other banks doing the same?
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City? FT? Group? There's been some rumored and confirmed delays with various BBs, but this is the first 'official' new start date I have heard of. Curious to see what banks follow...
All locations that they operate a graduate programme for FT positions
My only thing is like why October. Seems really odd pushing it back 6.5 months. Things are bad, but as of now most experts are saying end of June is when things can slowly start going back to normal. I don’t know why they a)wouldn’t just wait and start in July like everyone else b)if HSBC feels like option A is too risky, push back to august or even September honestly. Just seems pretty extreme
It might have been a logistics problem. Start was meant for end of July with training ending in August. Since the training starts in whatever market you are in, then moves to nyc, then moves to london, it probably limits how much they can move around timing wise.
Not sure how you’re calculating 6.5 months.
Banks start July so its a ~4 month delay. Still very odd indeed though
6.5 months starting from now...
i hope other banks won't follow them..
HSBC also halted all the ongoing internship recruiting process in HK and hinted a shortened SA program for those who had received offer
Can confirm this. Received email.
Damn. HSBC looking really bad being the first to do this ...
Or in two weeks you'll say they were visionary. I don't think it's either good or bad, at least they notified their folks of what to expect. Better than being told on May 30th that oh btw the start date of the program has been pushed back by 3 months (has happened previously for some people at my BB).
yeah the thing is other banks are paying but HSBC most likely not.
Wouldn't hate if my bank did this...
https://www.ft.com/content/47186ac9-c0c9-43b9-a232-9995c46e4918
It seems like this move might be specific to HSBC. They were already planning a restructuring including 30,000 layoffs in the next 3 years which they also delayed following through with due to Coronavirus. FT 2020 class could be collateral damage due to bigger problems.
Great point. Hsbc was taking a beating even before Covid hit... They’re definitely in a worse situation than comparable banks
This is such a solid point. I completely forgot about them making the restructuring announcement. Seems like they were already having a rough time and the pandemic just made it worse as opposed to them pushing back start dates being a result solely from the pandemic
Any idea if they are paying for the postponed/missed weeks?
bump
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Where did you hear this? I surely didn't get an email about that yet...
Source? No point in terrifying SA's if unsubstantiated
.
bump
The push back to October for the graduate programs, as well as a shortened summer analyst program are confirmed (with details on the latter TBD). Seems Lloyd's and Santander have scrapped their summer programs altogether.
I believe a big reason for the delay, safety and such aside, is that a large portion of new grad hires come from overseas to wherever their programs are, hence they're all unsure of whether the travel restrictions would be lifted in time for the regular summer July start. I believe the figure quoted was 1/3rd of the 2020 class are coming from overseas.
I disagree with whoever's saying this is due to the restructuring. The bank really values their grad/analyst programs.
Definitely agree... any ideas on if other banks r pushing their start dates?
No, sorry. I would imagine there inevitably will be many more such delays across the industry though.
If other banks follow suit, do you guys think FTs will be paid from their original start dates like the SAs? Worried about this since I have already signed a lease due to start paying in July. Tbh, I couldn’t float 4 months of New York rent without my previously expected income.
I can't comment for NYC specifically, but I don't think they will for London given some BBs have sent emails telling FTs to be prepared to cancel accommodation if necessary.
prob depends from bank to bank but if you are at baml you should be set
I'm sure you're doing this anyways, but I think this is an important question for your hiring manager/HR rep. If your FT start day is formally delayed, it might be tough but I can't imagine they'll just be happy to let you hang there...
bump
updates?
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