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Yes, majority of FT class is filled through intern classes. Whether there are FT slots open usually depends on the bank and the year. You should do a good deal of networking since there are accelerated interviews right after internships end for some banks.
So by and far, full time recruiting at bulge brackets are pretty much done through the intern class. However, significant amount of boutiques, hedge funds, and private equity firms recruit full time and they don't typically take summer interns. I was really surprised to see the roster of OCR stuff at my school.
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