Hello Monkeys,
Given the current coronavirus situation and what is happening in the markets (especially today's oil prices and equities reaction to it) I started to ask myself, if it is possible that the Summer Internship programmes will be cancelled?
Have you ever heard about something like this occurring in the "bad times" like 2008?
Scared monkey with tons of student debt at a European target school and no FT offer.
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Incoming restructuring interns, prepare to get crushed
BIG facts
First thought came to mind.
Incoming restructuring SA - do you think there's no chance my internship will be cancelled?
no, if one is at risk all summer analysts are at risk. just bc youre in restructuring doesnt mean you arent replaceable.. anyone going into M&A, cap markets, or corp finance advisory can do restructuring just as easily
I'm seriously worried tbh.
Was thinking about calling HR to clarify the situation at some point. You’re not the only one worried
Has anyone heard of any internship programs being canceled at BB's for this summer?
Hi, At my BB they are discussing the possibility to skip the summer Programm this year. For the FT they discuss to hold the training via eLearning.
PM me if you want other infos
europe or NYC?
Europe. My Friends at other BBs say that there are similar concerns at their BBs.
Specific country?
Do they mention if Off-Cycles or FT analyst intake might be reduced?
By skipping the summer, do you mean rescinding offers or just offer SAs full time positions?
hi can you message me which bank this is
The BB I'm set to intern at this summer recently sent out an email saying for now they don't expect to change anything and if needed they'll move remote -- but they assured as they won't outright axe us. If they ever do go back on that I'm guessing things will be bad enough that a summer internship will be the last thing on my mind. I did hear though that a friend of an acquaintance (so take this with a grain of salt) with a summer offer at a large prop trading firm was canceled, although they're getting full pay + guaranteed FT offers.
Can you clarify if it is the case for Europe (London/Frankfurt) or the US?
US!
Was this JPM?
Yup
So if/when all internships and FT offers get cancelled, what do we do? Any tips from those who went through '08? (Especially if networked way in and have no previous IB experience on CV)
Very interested in that. Perhaps, we should start already looking into other alternatives like Restructuring/Consulting?
Might be difficult for now, at least in Europe. Heard from a friend that McK froze all their recruitment processes until further notice (people had they last round interviews cancelled because of coronavirus risk).
and I imagine when things really go bad, applicants will flood toward the remaining available options, meaning competition will skyrocket... doesn't bode well.
This is highly dependent on the bank btw. Some banks (the BB's) are mandated by the US government to hold certain capital ratios and have excellent liquidity right now, plus some have extra stringent lending standards (JPM for example which saved them in 08)- this prevented the BBs from getting in on killer deals that Jefferies and some of the MM banks sucked up, those guys might see some issues.
Just got word from my BB that they’re not changing the start date and are still looking forward to welcoming us to the firm so I wouldn’t worry too much. Hopefully this whole situation dies down in the coming months...
Can you please specify if it is Europe/US related?
This is for the US
Working in Boston this coming summer as SA and got word today that everything is still on as planned.
Did anyone check with their bank in London? Either BBs or EBs would do.
Anyone heard back from banks in Hong Kong? Any plan or cancellation?
Bump.
Barclays London SIP 2020 - Cancellation under consideration
source?
SIP?
Summer Internship program
what about FT?
They sent an email confirming the start date, didn't even mention the impacts of coronavirus so I assume they plan to go ahead with it at the same time.
McK starting dates in Europe unchanged. Proceeding as agreed. Just got this confirmed by recruiter.
If a BB in the US cancels SA program, will they just rescind or will they offer FT positions instead? What is more likely, assuming they did have to cancel the summer internship programs?
no chance of giving FT offers, its a greater liability having a bad performer than scooping up one of the thousands of professionals in various valuation firms (big four, boutiques, etc.) that are dying for these spots
lol so how do people get FT bank offers then? dumb comment
I live & study in Italy and will be interning (hopefully) at a MBB in continental europe this summer, so I can relate. Here's my two cents for those interested:
My take on this is that there is indeed reason to be worried about summer internships this year. As far as Europe is concerned, we can expect rigid social distancing measures and travel bans to occur for the next 30 to 60 days. Anything beyond that will be unsustainable if applied at national levels, so I wouldn't be concerned about that specifically, although it wouldn't surprise me if some countries will keep the 14-days isolation period for people coming from abroad for longer.
The issue is that the mitigation efforts in place today have the objective of easing the burden on health services by flatting the curve of the epidemic, which means that the peak for COVID-19 will be delayed. We could end up in a situation where the peak will occur in May (in Europe), after mitigation measures are lifted. This could push firms to cancel/reschedule/change internships for safety concerns independently from government actions. There is no solid evidence for the seasonality of the virus, it's too early to say.
I can tell you that today, as far as Milan is concerned, interns who can work from home do just that. For those who can't (mainly it's due to inadequate tech if you can believe it), it's all over the place. I know people in AM who work regularly. I also know people interning for a major italian bank that are having their internship postponed or suspended, i.e. they can't come in to the office and can't work from home.
I think we ought to accept that this virus is here to stay for the next 12-24 months until a vaccine is produced or herd immunity is reached. This is no time to go into details, but the gist of it is that containment is too difficult and too late. This is also true for the US.
I would recommend following The Lancet for nuanced updates and working papers. Also, Joe Rogan did a podcast with an epidemiologist that is worth checking out.
In any case, there's little we can do right now for the internship issue. It's too early to say, even here in Italy, so firms don't know what they will do either. I will contact my MBB about, say, 30-45 days from now when we will know more.
But hey, think about what it's like to look for a job/internship in this environment.
Final year here. Would like people's perspective on whether I should push for off-cycle/winter internship (Sept onwards start date) instead of summer. Given the uncertainty of the SA internships, which I hope won't be affected. Would headcount for off-cycles/winter increase to compensate for the lowered productivity during the summer given, 1) everything stabilises by then, and 2) in the event that there is an unfortunate material impact on the summer programmes?
No.
Okay guys, so BNP Paribas has started cancelling London Summer internships.
Source ?
It was my programme..got an email yesterday
Pls send a screenshot, it's hard to believe this.
Yeah hit us with that screenshot
Interesting comment given your previous posting history? Really doubting this lol
Yeah odd that’s 6 days ago he was wanting to take a non finance internship at BMW and now all of a sudden landed a SA at a bank. Doubt it. So maybe stop trolling?
London, EB (think: Lazard/Houlihan Lokey/Moelis/PJT) yesterday summer interns received an email saying that there are no changes regarding their Internship/Full-time analyst training. They will see how the situation develops, and perhaps implement changes.
Cue "one of these is not like the others" meme lol
The MM one?
Wells Fargo called yesterday with an offer starting June 1st, no expectations of cancelling says the MD of the office, just adjusting the program so that no outsiders are visiting the office.
Is this US or London?
US
Not banking, AM here. But I was advised the firm is “closely monitoring the situation” yet “strongly pursuing” an onboarding process with no changes. At this point in time, it is pointless to listen to HR as nobody truly understands where we will be in a little over a months time.
Can anyone confirm banks have cancelled their IB SA programmes? Rumours of RBS, Lloyds, etc have already done so
Lloyd’s did (not sure if IB, think it was called Global Banking or something)
Morgan Stanley London IBD confirmed that thus far they do not plan on any changes with regards to the start dates for Summer Analyst and FT Analyst training.
MS IBD NYC said the same thing- no changes yet for SA and FT hires
My summer banking internship has been cancelled.
Can you share more info about the bank, division and location?
Don't expect anything. He's lying and another troll here just like the others.
MM Firm - Regional Office Internship itself was a pipeline internship (I attend a target for the firm).
sorry to hear that man :/
Honestly I would not be disappointed if my FT start date at a BB was delayed (Emphasise DELAYED and not CANCELLED altogether) by a couple of months. Going straight into IB a couple of weeks after finishing final university exams does not sound particularly appealing to me......
did anyone ask?
Which BB if you don't mind me asking?
What Bank Citi?
My BB just sent out an email saying that there will most likely be a late start date/ virtual internship but interns will be compensated for the full period.
That's awesome! Any word on the full-time program?
Guys... I really hate to break it to you... but your internships will be canceled. We're still in early innings for this thing.
https://www.zerohedge.com/health/some-bad-news-jpm-what-happens-after-w…
Why are you so insecure that you keep going around to these forums and telling kids their internships are getting cancelled despite that fact that many banks have assured kids they will not be and that they will be doing online? I don't get how you can speak with such certainly given that no one knows what is going to happen. Go deal with your problems some other way.
Because the financial industry has far bigger problems right now than giving two fucks about interns for ten weeks
lmao yeah this guy is so annoying he just keeps going around shitting on incoming interns and copy pasting his stupid shit story
dude has some serious insecurity issues and is so arrogant and is generally all round not a nice / polite person
.
my friend who will be at Moelis was just extended a fulltime offer and virtual training forgoing their summer 2020 internship.... wow.
can confirm for London too
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