Stifel Rescinding SA 2025 Offers
Know someone who lost their off for this summer due to "uncertain market conditions" at stifel. Very interesting that Stifel is having a challenge even affording interns?
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Based on the most helpful WSO content, there isn't specific mention of Stifel rescinding SA 2025 offers in the provided context. However, the broader trend during uncertain market conditions, as seen in previous years like 2020, includes banks canceling internships, delaying start dates, or offering automatic full-time offers to manage costs and logistical challenges. For example:
If Stifel is indeed rescinding offers, it could align with these historical patterns of firms prioritizing current employees and cost management during economic uncertainty.
Sources: Cantor Fitzgerald cancelled all SA 2020 internships without giving out auto return offers, JP Morgan Officially about to Cancel Summer Internships and Freeze Hiring, List of banks who laid off workers/had low return offer rates in 2020, Credit Suisse Summer 2020, Summer Internships being cancelled? Is it possible?
UK or US ?
US.
didn't Ron Krusinski (Stifel CEO) just go on CNBC yesterday, saying they're "busy". SMH - this is scary considering how early we are in this trade war. Hasn't even been 2 weeks and banks are already rescinding SA 25 offers? I'm at a different MM this summer - a bit nervous.
Why is it interesting? Stifel’s IB franchise is not that big or critical to its core business of private wealth management. If that business is expected to struggle a lot over the next year, it stands to reason they wouldn’t want to hire an intern without prospects of getting a return offer. It’s not about “affording” the intern at this point in time. Stifel generally has a reputation of having good culture, so this actually could be someone who thinks it’s more responsible to rescind the internship now instead of leaving the student out to dry on a return offer.
Or, could be that your friend committed a crime and got found out lol
Firmly disagree that this is a good decision. It completely screws over the student. Yes, it sucks to have a lower return offer rate, but it’s better for that student to at least get the experience and sets them up better for FT recruiting. Rescinding this late in the game leaves students with little chance at a front office finance internship this summer, or even any paid internship tbh.
I have heard of Stifel doing some other similar things at the start of the pandemic…they’re incredibly cheap and quick to cut costs at the bottom of the ladder.
I think having a rescinded internship is better than not receiving a return offer. At least, this leaves the student in a gray area in terms of quality, in contrast to a situation where this kid did intern at a place but did not get a return while there were definitely others getting the return, which shows that he was not the best performer.
Is this for NY IB? Or regional office?
Can anybody else also confirm this?a friend of mine is an incoming SA and is tweaking
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