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Unfortunately, no matter how well you perform there will always be factors that you cannot control. I had the same situation last year. Did a spring off-cycle internship in Europe. Got great reviews but they already had 8 analysts coming in from summers / autumn off-cycles the year before and then the market downturn came in the spring of 2022. They didn't have any offers at all to give for my intern class. 

I ended up doing a gap year and am now doing my master's. Have secured an offer for GS / MS / JPM. Unfortunately, a lot of things come down to headcount and timing of the internship (at least in Europe where you have off-cycles). This time I was in the first intern class that was up for 2024 FT offers so there were enough headcount for everyone in the intern class. 

With that said, keep up the good work because you will reach your goal eventually. It just might take a bit longer than you expected. You're also in a good spot considering that banking is in a very tough position atm so it won't be a red flag that you didn't get an offer. If someone didn't get an offer during 2021 it would be a huge red flag, indicating very poor performance. However, this year everyone knows what a bad spot banking is in and they won't think you're shit because you didn't get a FT offer. 

 

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