Status of Middle Market Summer 2020 Internships due to Coronavirus
Hi everyone-
I have noticed that many BBs have emailed their incoming SAs that their offers are secure/will be honored regardless of start dates, that they are preparing for potential virtual internship programs, etc. and that they will be paying interns from the start date. It also seems that many BBs are preparing for virtual internships now. What do you all think that MM IB will do with their interns? I have heard of some MM banks delaying the start date, but what if it does not get better to start in person later in the summer? Do you think MM would do virtual internships as well, straight up cancel the internships, or give out FT offers to all incoming SAs?
Already other threads about this
My MM has discussed with us, albeit a few weeks ago, that a virtual internship (possibly condensed as well) might be possible. For now they are still saying that they plan to start on time, in person.
thats the same message im getting too
BMO is virtual for the month of June, as of now
did you get an email saying this today?
Saturday
yes already other threads, but haven’t heard about Jeff/Blair/Baird/Lincoln
Nothing on JEF yet. I expect we’ll mirror what other firms have announced and do 4 weeks remote starting in July.
Appreciate your response. Do you think it's crazy to have some sense of belief that other banks are gonna dish out FT offers too? Or do you think this is just a Moelis thing?
Still on
Regional Boutique with 3 interns - it will go on so long as they are back in the office by the start date. WFH will not be supported for interns.
how big is the bank? also did they say anything else around the fact that WFH will not be supported? like are they just going to straight up cut you guys or will they offer FT positions or anything
Nope, just straight up cut. Bank is super small - like 30 people in the NY office. I'm lucky I'm a sophomore, and it seems like most of their interns are also sophomores.
onboarding process has continued at my MM, no suggestion of delaying FT date or virtual internship.
Jefferies has shortened their internship to 5 weeks incl. 1-week virtual training. Interns are still being paid for the full 10 weeks and are being asked to volunteer with their free time before their internship starts on June 29. No possibility of in-person work prior to July 6, no mention of FT offers. Source: CEO's IG
That seems strange -- they're paying you for your time before June 29, but not making you work during that time... yet encouraging you to "volunteer" during that time? It almost seems like you'll be penalized for not volunteering ("not a team player"), so why don't they just officially start the internship earlier?
think you read that wrong, it means volunteer as in give back to the community and do something good, not volunteer to work for JEF
Whoops. Guess that reveals the kind of person I am. A tiny part of my tiny brain briefly considered that interpretation... but quickly dispensed of that definition as being too altruistic.
do not see this on the CEOs IG?
It's in his story from 7 hours ago, not a post
MM shortened internships to 6 weeks, not guaranteeing pay or full-time offers.
what MM?
is this a top MM? Blair, Baird, HL, HW
No, Tier 3 (Stifel, Lincoln, etc)
We’re going to need a little more color other than “MM” or else I’m just assuming this a random boutique.
What MM bank? If you're posting anonymously why not just give the firm name...
BNP Paribas also postponed start date to June 29 and will compensate for the full 10 weeks.
When did BNP Paribas send this email?
it’s posted on justthequant’s insta story
KeyBanc and Cain Brothers have been pushed back 3 weeks (June 22 start) and will now be 7 weeks instead of 10. They're still waiting to see if the internships will be in-person or virtual. Interns will not be paid for the 3 weeks missed.
HL pushed back to June 22nd, no pay for 3 weeks missed.
Heard a rumor Piper pushed back to early July, didn't mention paying for the missed weeks (which I assume means they won't pay). Can anyone confirm? Head this through the grape vine.
If this is true, and HL and PJ both pushed back without pay, is it safe to say everyone else will follow? Have Baird/Blair made any indication yet? I think lots of smaller firms will follow whatever they do
Where did you hear the rumor from?
I have a mutual friend of an incoming SA, mutual friend told me. so i would say I'm reasonably confident it's true but I didn't hear it from the source or see the email so I could be missing some details
Incoming SA at Piper here. They pushed back start date to late June, not early July. They haven't given exact dates yet. They are not paying for the full 10 weeks
Does anyone have info on Blair/HW/Baird
No word from HW. Should hear the game plan in the next week or so.
I wonder what they’re gonna do with the boot camp
Someone at my school was boasting he (an incoming SA) got a FT offer from Blair- does anyone know if this is true
Blair hasn't told us anything yet
pm me pls also at blair
SocGen hasn't given an update yet since last month where they said there were no changes.
PM Me
have any MM banks mentioned the possibility of virtual internships if things do not improve?
jefferies
Global MM — they seem to be doing it on an office by office basis. I think some offices have cancelled (not sure if interns are being paid), others shortened/virtual. My office is still planning to run the full program as of ~1 week ago, but it is subject to change.
Can you clarify what you mean by 'global MM'? Is it RBC/Jef type, Baird/Blair/HL type, etc?
Definitely smaller than all those that you mentioned. They have 20+ offices across the US and Europe with every office being pretty small (intern classes of 2-10 per office).
Anyone have any updates for Macquarie? I know our class is extremely lean, and that I've recently received group placement for IB. However, I know our S&T program was planned to be rotational, so I don't know how that's gonna work.
I'm MacCap IB. Just received word today that it's gonna be halved and fully virtual if you didn't check the newsletter. Not sure how to feel about this but glad it's not canceled?
Yikes, so is cancelling several weeks and not paying for the full time going to be the new standard for MM? If my firm does that I'll be running for the exit even if I do get a FT offer. Why would anyone stay at a company that treats their employees like that? I guess they expect the recession to lower bargaining power from analysts and give them full discretion to screw us over.
You run the risk of “running for the door” and jumping off a cliff. It’s questionable what you’re other options are going to be (that’s not just for you, but for anyone). I get what you’re saying but I’d be careful and maybe also just be thankful you have a job or got a full-time offer when a) people literally can’t find work and b) there are so many other kids hustling and would do anything to be in your position.
Canaccord Genuity delayed until July. Last I heard from them was early March. Hoping to hear soon that all is OK.
wait they delayed it until july in early march, and still haven't sent another update since?
Yup. They said they'd be in touch, have not yet. I expect they'll contact us soon. I'm hoping it will still go on, but I have a terrible feeling it may get cancelled because I heard they aren't doing well.
And correction I just checked the date of the email, it was mid-march, not early march. Sorry.
Raymond James delayed until June 29, only paying for 6 weeks.
Lincoln is unchanged so far for all offices, expecting to be in office for full 10 weeks
Yeah I’m surprised about this. I expect they’re going to send an update out within a week or two. I can’t imagine training will happen in person in a month
...
Also shortened internship program to take place virtually from June 1 to July 3 (five weeks) but will pay for the full summer
amazing
Spoke to someone at Blair, as of now they are planning on everything being the same (in person for full 10 weeks). They even offer a start date in May that they haven't delayed, so they're still planning on flying interns from around the country into Chicago for training in a month. Does anyone else think this seems very unlikely?
Considering Illinois's Governor said today that the peak of the virus for his state will be in mid-May, I would say yes.
do you know how long ago they were given this information
I spoke to an analyst yesterday but I imagine he is working with outdated information (an analyst is not calling the shots here), not sure when he heard that from the senior people.
Same deal with Lincoln
Anything on Duff & Phelps IB?
that's not an IB lmao
does anyone have any updates from their banks. Baird/Blair/HW ?
I'll be at one of these shops this summer. Talked with an MD at the firm last week and didn't gather a lot of useful information. I would assume all of them are trying to wait it out in hopes of an in-person internship, but that looks increasingly like it's not an option. I'm hoping for more clarity within the next week. I would guess they all eventually conform their internship to what other leading banks have been doing.
There’s a decent amount of variation among what firms are doing. Internships that have been shortened vary from 4-7 weeks. Pay varies as well from full 10 week pay to 4 weeks of pay. Some have given FT offers, some haven’t. I wish it was standardized, it would leave less to the imagination.
Saw another thread that Blair gave FT offers- what does this mean for other MM firms? Considering Blair is a leader in the space, is it safe to assume more will follow?
not safe to say, but definitely gives hope if true.
any new updates?
Blair gave auto FT. My bet is more firms will follow suit this week
What firms are left that haven't given updates?
SocGen is 10 weeks virtual program
Macquarie sent out an email today on their campus news letter that they're shortening the internship to July 6th to August 7th, but guaranteeing full duration pay. Also, no guarantee of a FT.
You look you're in S&T - isn't it a rotational program and I heard there's only like 6 of you guys. You guys probably will get returns in addition to the leaner banking teams is what I think
Any updates on Oppenheimer?
Quibusdam nulla atque doloremque est necessitatibus quibusdam voluptatum. Sed eveniet vel voluptatem sint nisi id. Distinctio repellat voluptas enim tempora tempora nihil expedita quod. Error quas odio occaecati vel in voluptatem iste ad.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Qui perferendis omnis quisquam quae vel sunt necessitatibus. Id ab tempore voluptatibus consequuntur. Sint sequi et eos illum.
Ut non et quia omnis consequatur suscipit id. Incidunt reiciendis aliquid possimus. Earum numquam iusto vitae ipsum nostrum quod.
Error quod ullam nam perferendis. Corporis beatae aut maiores ut delectus. Qui dolorem nostrum similique vero nobis minima. Ea eos iste nostrum sed autem exercitationem omnis accusamus.
Non doloremque animi voluptatum quo. Et ipsa voluptatem inventore doloremque. Hic atque fugit pariatur natus voluptatem atque. Veniam aut velit molestias ullam provident.
Blanditiis sed iure sapiente provident nihil porro. Consectetur et pariatur consectetur explicabo. Assumenda nostrum officia ut nihil fuga.
Sunt ut voluptas sint qui ut consequatur occaecati. Tenetur laborum saepe nihil fuga culpa et. Et eum et placeat rerum. Accusamus ut eius impedit aut.
Commodi molestiae consequatur sed recusandae tempora dolores saepe aut. Harum ipsam ut consequatur cumque eos. Quod qui qui necessitatibus tenetur odio ipsam officiis.
Velit iste ut esse deleniti. Reprehenderit sint nostrum est sit exercitationem qui repellendus. Itaque sit molestiae optio tenetur dolor delectus odio eius.
Voluptatem dolor quos amet totam corporis sequi numquam. Est mollitia vitae incidunt qui voluptatem exercitationem at. Magni rerum velit et consequatur.
Autem laboriosam sed reprehenderit quia enim quas. Hic doloribus voluptatum perferendis nihil. Vel ad dolorem laboriosam et aliquam aperiam voluptatem. Quae tempora et numquam accusamus nemo.
Enim qui hic possimus veritatis ipsam. Corrupti commodi ducimus rerum delectus omnis et non.
Ducimus et quam sed quis est libero dolor. Ut commodi dolores aut sint alias quas quisquam. Animi blanditiis iure dignissimos omnis non. Asperiores laboriosam ipsa natus et. Ex vero animi est aliquid qui doloribus. Dolorem iste aperiam recusandae. Atque mollitia officia temporibus commodi.