No signing bonuses at WB?
Heard from a friend that current SAs don't get a signing bonus for accepting their offer. Obviously Blair gave all interns offers so you could argue that a signing bonus isn't necessary, but it seems like unnecessary penny pinching from a bank considering that ~15k can be a massive deal for a college kid and means very little to a big bank. Just sucks for kids who were planning on making 20k in the summer and another 15k in signing bonus ready to go have some fun their last year of school, and now they are getting a 5 week prorated salary and 0 signing bonus.
Do people think this trend will extend across the street? I assume that banks know the FT recruiting scene is going to be a bloodbath, so they might be thinking that, even without signing bonuses, people will feel pressure to accept return offers and its an easy way for a bank to save a few hundred thousand, especially given current economic conditions. Will places like Moelis/Citi follow suit because those interns didn't 'earn' anything?
I think most banks are taking away their housing stipend ($2k) but that’s not a big deal since you’re saving way more than that by not paying NYC rent anyway.
Not to shit on Blair, but I think they’re one of the only well-regarded banks that isn’t paying interns the full 10 week salary so this no signing bonus thing might be unique to them.
Kind of surprised if they're not paying the full internship, but I would be more than happy with a guaranteed FT offer if I was an intern there
Yup. I think all EB/BBs (except maybe DB?) are paying the summer in full, while most MM shops went with a reduced salary. I think Blair made a mistake not trying to roll with the big dogs so to speak and doing what the EBs are doing, but obviously them giving FT offers sort of makes up for that. That being said, it's kind of a kick in the balls going reduced salary + no signing bonus.
Paying the summer in the fall? Can you elaborate? I'll be at GS/JPM/MS and have heard nothing about this.
Idk if you count Gugg as EB but they didn't offer full pay
My MM is paying full 10 weeks
I would be thankful to have an offer. MM is getting smoked right now.
Everyone, including the MM, has been smoked in Q2, but you're still seeing many processes continue forward, especially in the healthcare and technology space. Also, for what it's worth, Blair is known to be extremely conservative financially, which might explain this decision. Not justifying, just providing a plausible explanation.
As far as MMs go, Blair is probably the best of the bunch (outside of HL with their RX practice) because they do enough ECM to keep themselves busy now and also have a big PWM practice that is relatively insulated from the covid situation. Places like HW that purely do sell side M&A are getting smoked a lot worse.
Agreed generally, but being a partnership as opposed to public like most banks you think would enable them to be a little more generous. They don't have shareholders they need to appease on a quarterly basis, so they should in theory be less freaked out by a bad quarter.
Has ECM been busy these last 2 months even though the market's been down a ton these last 2 months. I don't know why you would try to sell stock right now unless you were very desperate for cash.
Blair normally gives SA a 15,000 signing bonus? That sounds really high. Maybe 15,000 for those who accept FT offer, but you're saying they usually give a 15,000 signing bonus for summer analysts?
Nope- was referring to the bonus of after your SA when you sign for FT. Think 15k is pretty standard for street with some EBs going much higher
Oh, okay, I was confused -- because you talked about college kids getting the additional 15k, so I made the inference that they'd be receiving the FT bonus THIS summer, when they were SA... is this the case? Or would the FT signing bonus be paid once they start FT, next summer?
I thought street was 10k?
You're getting a FT offer and complain about a signing bonus? Wow!
It’s a rough jab to college kids who typically need that signing bonus to cover moving / lease expenses for their first apartment in a major city.
Cutting it entirely is odd. Reducing it would be more acceptable
WB could still possibly give a relocation bonus in the Fall or next Spring. I think it's too early to call them out on it. Also, the majority of WB interns are upper middle class from the Chicago suburbs or go to NW/UC, so I doubt they're sweating about moving costs.
Obnoxious generalization.
judge a firm by how they handle a crisis.
Yeah, it's weird, could be construed two different ways --they're classy for extending Full Time offers, or not as classy for rescinding signing bonus. I'll go with classy for extending Full Time offers.
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