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Nothing they communicate is set in stone, ever. Until 7/6 they can cancel internships at anytime for any reason.
Yes but if they’re already spending resources to build out a virtual program that sounds unlikely
Surprised this announcement hasn't generated more response... isn't this information what most of members on this site have been waiting for?
Seems unlikely they would completely cancel internships... at the very least, seems like banks would institute some sort of virtual internship so they could have something to gauge competency of interns... maybe a Hirevue on steroids.
Would you have preferred no intern program at all? Props to JPM at least for making contingency plans and not flat out cancelling.
Yeah I agree. It’s not ideal but this could of been a blood bath for so many interns if they decide otherwise. Again, the outcome sucks pretty bad, and is also pretty inefficient, but ultimately it’s better than just out right cancelling
What the fck is wrong with GS btw, they seem to not communicate with their FTs or Interns at all.
JPM prides itself on its culture and respect for its employees, unfortunately GS is not at all known for this- expect delayed info
Quit twerking for a bank bro
I'm an incoming IBD intern at GS and I'm pretty sure they were the first bank or one of the first to send emails I think, at least based on WSO forums, so I don't think that's fair.
Gotta give JPM kudos at least for doing the best they can by their interns. Is a really tough situation but I think this is the best possible outcome if the situation is still ugly by June.
Hope other banks on the street take note and follow. Already HSBC gone the other direction so at least be happy JPM is willing to pay you guys
Goldman HR employee here:
We're reassessing the situation on a daily basis. We do not plan on cancelling the program; most likely the start time will be delayed and/or everyone will be flown in to do training, if the situation gets better, and then flown out. Worst case scenario, everything will be done remotely, and we will make sure every intern has a laptop to use at home.
I find it highly unlikely this will be an issue going into July, the CDC and Corona task-force and NY local government and state government have all stated that the apex will be in around 7 days from today.
I don’t think the CDCs prediction of something that has never happened before on this scale in modern society means that this thing going into July is “highly unlikely”. It seems entirely possible that this thing could go a lot longer, especially given the great effort made to drag it out and flatten he curve. Might be a good idea to be cautious about that one
Even if NY peaks in 7 days, the rest of the country will peak later... flying hundreds of people into one area is not the best idea with current info
Well... it's not that crazy and it could make sense given that 1) they don't have to recruit for FT 2021, 2) virtual internships don't lend themselves to distinguishing between candidates, 3) people from this SA class won't necessarily stay for all 2 years if banking isn't for them, 4) it looks good PR wise and helps with OCR relations, 5) it doesn't cost much extra to pay 20% more FT first-year analysts, especially with reduced bonuses. It actually is sensible IMO, assuming that one can't judge the performance of an intern based on a short virtual internship, which is probably why Citi/Moelis did this. Hopefully JP has a similar thought process.