Incoming BB IBD SA. With the orange mist of uncertainty seeping into the markets, what is everyone's projections for conversion rates? Only interested in London. Which banks are most prone? Which banks have typically had abysmal rates once presented with uncertainty? Is it equally over for all of us? Any current signs of headcount shifts? Anyone VP+ with any insights?
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Hasn't even started working yet and already saying its over yep I'm sure you have the mentality to survive banking
Investment Baking Analyst 2 Discovers Hyperbole
I see i was wrong, the interns are getting smarter.
bump
it never even started
In London - firstly US banks are in trouble - US activity is down and a bunch of them subsidise their European businesses through US P&L. Not to mention the anti American sentiment in Europe right now, some corporates are second guessing giving US banks business. And given how far behind the European banks are vs the US, they are also in trouble. The U.K. brokers are cooked. In short we’re all in a bloody mess unless activity picks up.
UK brokers inc. UK coverage teams at BB's?
It's still early to have this conversion.
1) 2025 # of intern offers and conversion % depends on HR headcount projections for 2026 September intake. I think it's fair that business activity (which drives headcount needs) is worse than it was 6 - 9 months ago, so conversions will likely be lower unless things change...
2) ...but things are changing literally every week. Absolutely we're seeing a lot of M&A processes pushed out (assets we expected to come to market in 1Q25 or early 2Q25 are now late 2Q25 or post-summer. But a lot of those assets still need to come at some point (DPI needs, crazy amounts of dry powder, etc.). Banks don't want to be short-staffed if / when deal activity returns. So honestly there is a real "wait and see" with a lot of internal pipeline / buget discussions...
3) ...my hunch is that the bigger banks will be most affected. I don't have much more than a hunch because I don't have a lens into all our competitors, but larger banks tend to (A) do more X-border deals which are more affected by tariffs (obviously), and (B) do larger deals, where our client's reputations are much more at risk...
4) ...that said, two separate corporate clients in my sector have said to me in the past week that run-of-the-mill acquisitions are off for now (though must-have assets will still be looked at), so even smaller deals are likely going to be impacted...
5) ...another posted said that UK brokers are cooked. I don't work at one so again, speculation, but I agree, although that was true for a long time with the steady decline of the UK public markets.
Look, ignore everything I just typed.
Focus on yourself this summer. Outstanding interns will get return offers. A lot of average ones won't. That is true regardless of whatever else is going on.
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