Okay, so we all know that we’re at the bottom of the cycle. Deal flow’s gone to shit, bonuses are shit, layoffs are rife. Got a summer internship at MS IB this summer in London. What’s the likelihood of getting that offer? Will conversion rates take a hit? What will work load be like? Have things become more competitive? Cheers
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Hi LondonIntern2023x, the silence is deafening, sorry about that.... Any of the threads below helpful?
More suggestions...
Hope that helps.
Bump bump
??
As far as I know debt issuances have picked up significantly. So dealflow hasn't gone to shit. I read equity issuances are about to start up again as well.
With respect to if summer conversions will take a hit, I don't see why it would. That would mean that the bank that gave you an offer didn't know how many seats are available for conversion. It just doesn't make sense? They hire according to the amount they expect to convert FT. If anything, return rates will be much better than last year.
Man I hope you’re right. Are you interning this summer too?
Yes and I interned last summer too. Last summer my bank had a huge summer analyst class. This year they ran 1 assessment centre, so at most there's only 3 or 4 people who aren't spring week converts. They cut back hard on available spaces. At my bank they they amend amount of spaces available for the internship to account for expected headcount so that they can maintain high return rates. Obviously last summer was abysmal because they couldn't have foreseen the market crashing.
The exception to this rule is GS and JPM who always overhire. I think GS is welcoming 3000 interns this year globally, after they just cut 3100 employees. Obviously not going to have a return rate of 90% or whatever.
im at GS and don’t think they’re hiring much given the layoffs lol, especially in IBD - counter argument is the 23 summers start in 24 and could be a better environment then
Given 24 isn’t gonna pick up much further, doesn’t that mean we are a lil fucked 😭
well in a recession ur not the only one worried about their job security so
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