Seeing chatter about UBS, boutiques like Evercore/PJT/Lazard, and BBs cutting back?
Is it AI that's driving this, or is it just spending on senior talent that is making it more difficult to justify?
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Speaking from my experience with interns across my bank this year, quality has been very low. I’ve heard of other groups going below 1/3 return offer rate
what do you mean by low quality out of curiosity? are they just awkward or bad work?
Work quality related, sometimes attitude too. I don’t think anyone would hold awkwardness against an intern though, at least not in my group
Ignore title but case study as well. None of the numbers tied and we can see material difference in the analysis they presented. Couldn’t defend their thesis / straight up used “conservative assumptions” with no assumption.
Since 2020-2022, interns have gotten legitimately dumber / more useless every year. No idea whether it’s social stunting from COVID, cheating during COVID, over reliance on AI, brain rot from short form video, but the average intern/analyst is pretty retarded now. Some exceptions and super strong interns/analysts of course.
Really? I only know what exists from my own experience but at my school, (granted it’s a non target) the bar for what is expected keeps on getting raised higher and higher. I mean significantly too, when I was a freshman many of the seniors who were going FT IB were somewhat dumb, but now the senior class contains some of the smartest people I know Wondering if this dynamic you’re seeing exists within a certain group or area.
Can confirm. They also seem much less interested/curious in the work we do , which drives me fucking nuts when I need to train some of them and it feels like I'm talking to the walls (ie. I want to hear lots of questions during ur internship to see that u give some fucks)
At a top BB. I asked our intern what made him choose our vertical (corporate banking) and the kid goes “it was a bad market. This was the best I could get”.
He’s getting paid like $45 an hour. The unprofessionalism is horrifying. I wouldn’t dream of saying something like that as an intern.
Prestige has destroyed minds. Lack of appreciation, they all want the next best thing.
Don’t necessarily want to say wealth is probably the main driver for this. But you would almost never see someone from a humble background or non target background ever pull this shit. Genuinely embarrassing for that kid. Hope he kicks rocks realizing he’s making 90th percentile earnings per hour as an intern.
Hm. Maybe its time to rethink hiring practices.
bump
Weird, return rates at my bank seem very strong this year vs last.
People don’t give a fuck anymore because it’s not a cool job any more and the money is meh
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