MM IB Response to Citi/Moelis Full-Time Offer
Hi everyone,
What do you think MM banks will do with interns? Do you think they will follow suit of Citi/Moelis and give FT offers to interns? Even though it is hard to say, if I were to guess it almost seems as though MM would be more likely to just give out FT offers because of their smaller intern classes-less interns that they are giving offers to and it would make less sense for them to dedicate resources to online programs/internships since they will be utilized by much fewer interns. What do you guys think?
In MM IB and we’re not talking about it. I don’t really understand why firms are extending FT offers to interns anyway, maybe someone can enlighten me? What does the firm bank gain from this?
What sort of MM IB. JEF/HL tier or lower? Not sure if you are just out of the loop, but the benefit is clearly not wasting resources and time creating an all comprehensive virtual summer experience that will still be little to no help in deciding which summers get FT. Banks, especially those with historically high FT conversion conversions, can have a positive PR spin during a global pandemic (can later on just cut headcount when things cool off), the bankers can focus on clearly more pressing matters, and they still have a pipeline of bodies ready to hit the desk in 2021 when things are presumably better again.
Besides the positive pr, I can't really see the other benefits you've listed. Banks with historically high ft offer rates are still less than 100% because it's important to weed out the bottom performers and interns who would be a big liability as a ft hire. It's really not an economical move to straight up hire them ft and give them expensive training only to fire them a few months in. Moreover, banks without rx practices should be considering reducing ft offer rates during this season due to decreasing dealflow. Not particularly directed at your question/answer but for a bank like Citi (Moelis I can kinda understand given their small class size) I just can't see it as a good move in any other capacity.
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