London return offer rates megathread
Putting together a thread for all return offer rates. Heard Barclays and JPM are out today
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Heard GS S&T converted 25 out 57 and they moved underperformers into PWM
Did all get offered PWM or just a few? Any update on IB btw?
JPM S&T 50% and 45% IB
Also 0 in CB
0% CB is crazy how many interns were there + what was the rationale?
Not sure but know the class size was pretty small (probably around 5 people) - PWM also took in 0
Barclays 75% for IB
Excluding some unbelievably high performing divisions (of which had 100% return rates) - JPM was a bloodbath.
What would you estimate average?
30% between some divisions getting 0% and others getting 100%
Which were high performers
JPM Payments (who are producing eye-watering net income for the CIB) only had a 50% return rate. Groups with over 80% were the creme of the crop performers.
Payments is a huge profit centre for the big banks, with 50% seeming better than the other JPM divisions tbh.
Got wind JPM IBD LDN was 20%
Any news on other BBs, EBs and balance sheet banks?
Unsurprising for JPM. They had a record large class this year.
Heard the opposite - heard class size was actually quite small - do you know anything about exact number?
JPM posted on LinkedIn in June about their 5000+ global amount of interns which was the biggest intake ever.
Heard this years intern class is (I cannot remember exactly) 15-20% bigger than last year’s, but that is not equally distributed across all the internship programs.
I don’t believe IB and markets have had bigger numbers than last year for example, but that should be confirmed by someone more knowledgeable.
Any news on BofA, Deutsche, UBS, HSBC, Santander, BNP?
Who cares about Santander lol
Lol wasn't even the worst on the list; how was your summer at HSBC?
lmao who even knows the relative rank of HSBC or Santander (or BNP for that matter).
GS / MS or bust kid
We know Gorman isn’t paying you this year so I guess you’re resorting to busting folks’ balls on the internet as your comp
UBS seems to be out - any news there?
Have multiple friends who did summer at BofA and they all claimed 95% return rate. Also, multiple people have said that BofA won't be recruiting for FT this year.
Good to see a firm actually convert like previous years and yeah they probably won’t open for grad exactly like last year. How did UBS/ Deutsche compare?
UBS return offers will be released on Tuesday
I think BofA is a bit unique because they are very open with the fact that they will always be able to give every intern FT. Their HR is always boasting about not over-hiring interns. Their intern class was also pretty small (I think it was like 30-40 ppl for entire IBD).
Leaving at 10 pm, no weekends and 95% return rate is a nice summer internship for sure!
Any news on MS?
How about Citi??
Ew bri’ish people shouldn’t be allowed on WSO
😂
Not sure all low return rates are due to market - at least at my firm a lot of interns were just very very poor - lower conversion than last year due to lower quality.
what bank and team are you in
lol everyone trying to see what bank and group it is so they can try to go there FT
Bank?
I don't get this. Recruiting is the most competitive it's ever been yet everyone says intern quality goes down every year.
Same thoughts. How are you getting through all-day ACs and final round interviews with senior executives only to end up being a plum on the desk? The amount of complaints on intern quality just doesn't add up to the rigorous recruitment processes these banks have (or you would at least think that)...
A lot are enforced DIE hires, at least at my shop. Most have been disasters.
Any news on UBS? Believe offers came out today
How many Credit Suisse interns got offers?
We don't even know UBS numbers yet lol
-
Anything on Citi?
not out yet
I thought they'd be out this week?
Mid / late September
Any news on GS IBD??
Total bloodbath. I work at an European office of GS so don't have exact figures for entire IBD but I know groups with return rates below 40% and heard a figure of 30-40% across IBD.
Absolutely insane if true - to be fair I know GS has given out offers for a fact but have seen only one post confirming a return so could be true
Offers are not out yet for London office. Will be out next week.
Now that the "thanks for such a great internship" addendums are flowing on Linkedin, I'm not sure I've seen a single person say they'll be joining the respective banks graduate programme. It's looking absolutely brutal.
Not that I would post a "thanks for the internship" thing anyway, but I definitely wouldn't make a post if I didn't get a return offer.
Seems more of a case of them just not having given out offers yet for a lot of banks. Could mean discussions on headcount but that may be overthinking it
Santander out for some tams including M&A - looking like 90% with offers to everyone getting offers unless very clearly lazy or unprofessional
Very cool!
Seems like Santander and BofA were the safest firms to be at this year…how much of a factor should this be in which offer I choose in the future? (Maybe compromise on prestige for something more sure shot?)
I think information is your friend and you should use this information to make better decisions, but within reason.
Choosing a firm like Santanderwith a 90% offer rate over JP offering 60% doesn't make sense because thats when you've got to back yourself (plkus youll always be able to apply grad with the JP name).
That being said it makes sense to use information when relevant like I'd steer clear of BNP who consistently offer 40% every year and definitely choose Santander over it for a summer - maybe even a smaller firm.
Overall though having multiple offers is quite rare in itself (especially in the UK given how the process works) so apply all over and see what you end up with first.
No idea about Santander, but BoA always has super high return rates. When I was in uni, they always came to our school and pitched how they would never hire more interns than they were capable of converting to FT. In general, BoA is a great place to be. Good culture compared to other London banks, slightly better hours compared to GS / MS / JPM. Still strong brand name and great experience so all doors are open when it comes to PE recruiting.
.
For where?
Still nothing on Citi or?
I haven’t heard back yet, anyone else?
Anyone know when Lazard’s come out?
Any word on PWP?
Are you the person who has been chatting a whole bunch of BS about Citi's returns but you yourself are an INTERN at PWP??
Stick to your own lane next time.
Believe it or not but it’s actually possible for someone to ask what the return offers were like in a bank that they don’t work in.
Congratulations on the pending Citi bump.
They cancelled FT recruiting this year, that should tell you something about conversion
Anyone know Jeff return rate? Was 60% last year
BNP rates are always bad so curious about this year
Moelis ~75%
any updates on laz?
Anything on the buyside yet? How did the Megafunds do?
Unclear for BX, but around 45~50%
For buyside, MM Infra PE fund (ca 10bn AUM) - 50% return rate
Which fund is this? Didn’t realise any MM even take more than two interns
GS London IBD 60-70%
Good news for you I hope?
Source?
I know that certain groups like TMT were horrible.
Yes I converted. Nothing special about TMT, it was as expected and not worse than previous years
Currently 72% for IB
Surprisingly good. Do you know if you will be recruiting for full-time or did you fill all headcount through conversions?
Any news for DB?
I got a return offer for BNP Paribas in sales and trading. I decided to decline the offer. Seems like about 2/3 of people got return offers in markets.
Ballsy move in this market.
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