It looks like JPM SA is going to be virtual. RIP to all those shirts and pants I bought. I might have to get a second monitor...Trending Content - Investment Banking Forum
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No mention of FT offers, Citi must be an anomaly.
I don't think people were expecting JPM/GS to follow through due to their low return offer rates and that they over hire SAs always. I think the real question is on what the rest of the mid-tier BBs do and if any other EBs follow.
Where did this narrative develop that GS/MS intentionally overhire and have low offer rates. The couple peers in my group this past summer who didn’t get offers were borderline useless at best and did not deserve the opportunity to come back. But there were several total duds (both in terms of output and attitude) who got offers... not sure this is accurate today (if it ever was)
Given that they're making the virtual internship as long as they can, it seems that they'll try and evaluate us based on our performance... looks like I'll need to get satellite internet or something out there.
Fuckkkkk the girls in 1OAK will have to wait an entire year for my job title flex, was looking forward to popping my cherry :(
I told you. JP/MS/GS DON'T have the need to give everyone a FT offer. I also heard from a friend that there won't even be groups for the summer. Also an Associate friend of mine told me that it is going to look absolutely brutal with offers this year... I always told you!
Humble
Can’t wait to run excel on my 2012 MacBook
You should just quit now if you're gonna try excel on a MacBook.
I never understood why so many incoming interns were convinced that all the BBs will extend FT offerings just because Citi did so.
From the BB's perspective, they will try to opt for maximum flexibility. Which means they will try to hold off on giving FT offers as long as possible so they have a chance to assess the business situation a few months down and what headcount should be.
The truth is that one of two things will happen: 1. Near 100% retention rate all almost all of the interns get FT offers if the BBs think that business outlook is quickly become favorable again - in this case the virtual internship basically counted for nothing 2. Business outlook worsens and BBs expect long recovery; this case, retention rate is drastically lowered to maybe 50% FT (or less) offers given out
My BB has said they will try to accommodate interns who have difficulties with WFH. But it's starting to sound like automatic FT offers is not a possibility. Incoming interns at Citi are extremely lucky.
The lack of offers was foreseeable... I wrote multiple times that the top tier banks have like 50-60% offer rates- so it would be impossible for them to extend FT to everyone. I suspect this virtual program will end with a massive presentation in which the interns will get grilled on technicals and those that understand their role the best will get offers. I was an intern at JPM/GS/MS and they did this in person to weed out weak interns in the last couple weeks because they had all been performing well and needed something to differentiate them based on. Good luck- let the hunger games begin lmao
What are the Sales and Trading Summer analysts going to do?
Order takeout
Honestly, it is just 5 weeks and you want to reduce it to 4 weeks just because of some school stuff? If you want the FT offer don't do it and try to manage that with the school. As it is virtual anyway it should be a problem. God damn you students are so entitled
Kicking themselves in the foot? Which foot? The same foot they're kicking with, or the other foot?
Citi was never competing with the likes of JP/GS/MS, most opinions from the get go pretty much agreed that these banks with larger SA classes and lower conversion rates would be the last to give auto offers. The pressure is being applied more so on the mid-tier BB's, and in all honesty regardless of whether the other banks copy or not, I know for sure that this whole fiasco has put Citi in a much better light to all current/incoming interns and speaks volumes about their culture. I know interns who picked their BAML offer over Citi this year, and you can bet that's not going to be the case next year so bravo to them. I can only imagine how grateful the incoming Citi SA's with auto-offers feel, and I think that's going to show in their work rate and loyalty towards the firm in the future.
nah this ain't it
Does anyone know what return offer rates look like for EMEA/LatAm/APAC type groups?
This is all great and all but I am mostly concerned about one thing and it's not FT offers: do we still get Seamless credits and Uber rides??? How dare they not mention it! I got into IB mostly for those ://
Lol wow this post was cited by the New York Times: https://www.nytimes.com/2020/04/20/business/dealbook/summer-internship-…
“Mom I’m on the news”
Look - make up your mind to see everything in a positive light. Stay in shape and you'll wear those nice new clothes. A second monitor is a very worthwhile, inexpensive investment...even a laptop is if need be. Think long-term. This position at this firm is going to be a huge boon to you, your resume, your career if you make it work for you. You are talking pennies compared to thousands long-term. So many students who have hustled are going to miss out on opportunities because of this crisis - you are the lucky one. Best thing is to be super excited and motivated, and remove all the critical, negative, complaining thinking. The fact that a top institution who's CEO almost died a few weeks ago and is down 59% is even worrying about "doing our best to give you a meaningful internship experience" is off-the-charts fortunate, amazing and fabulous. Be GRATEFUL! ; ) Good luck, knock em dead - get the monitor, you can even get second-hand from Craigslist -