I read that there are some banks that purposefully overhire interns for limited spaces. Does anyone know which banks do this? Which banks do not? I always see JPM having variably return rates every year, do they maintain large classes or something? What about Citi, I heard that they usually amend the amount of spots available depending on market conditions to maintain high return rates?
Thanks!!
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GS overhires and brags about it to their interns
Citi very much advertises that there is a spot for everyone if you don't majorly mess up, and return rates are a big part of their marketing pitch. I think they are typically in the high 90s
Oh... That sounds like a not very nice environment to work in. Thanks for your insight, very helpful! Hopefully the adjusted internship class this year means a return to high return rates!
If a team overhires, they may only extend an offer to around half of the intern class, which can make the experience more competitive and less enjoyable overall.
GS never markets themselves as a nice place to work. That's anathema to the cutthroat image they try very hard to curate.
Do you think that this will be the case in 2023 too (for Citi)? I will do my summer there but am worried about the return rates potentially declining
Last year return in IBD was like 60 or 70%, Capital Markets was 40%, but they hired during the boom and didn't foresee the slump. This year they have for sure reduced spaces available on SA bcos the vast majority of classes are Spring Week conversions. 29 ppl in CapM UK last year, so I'm anticipating maybe 14 interns this year. Fingers crossed for us!
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GS, 90%+ return offer rate for this past SA class
GS & JPM.
GS has gone soft in recent years, at least in NY - comically easy to get a return offer now
Can def confirm JPM overhires. This summer, they overhired by roughly 60% compared to prior classes and as such lots of interns got crushed this summer
Source: SAd there
I don't think they overhired. I think during the summer they realized, and accurately, that the additional headcount wouldn't be needed with fees down.
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