Currently interning at a Top Tier BB and it feels like I’m getting robbed. Make a prorated $85,000 and when OT hits my hourly pay gets cut in half. My friend at WF IB says she’s going to start getting $53 and hour and $80 OT with no cap on their hours THIS SUMMER. Is this out of the norm or is it just my bank that is being ridiculously stingy?
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Can confirm Wells pays 53 plus overtime. Plus signing bonus 1400 after taxes
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While I can’t speak for what this summer’s interns are making, I can say that for SA 2023 at WF the $53 is accurate.
Got an offer for SA 2023 a while back and the offer letter initially said $40 an hour, which is probably what you also saw in your Wells offer.
But they sent us an email just last week saying that they’re raising it to $53 an hour (I assume, in accordance with the recent pay raise for full-time analysts).
To be fair though, I haven’t heard anything about WF hours or whether they cap them.
Clearly you have a Walnut Brain bc most people are being paid 100k-110k prorated right now (which is practically $50 p/h for SAs. Will probably be even higher for 2023 SAs depending on inflation data going into next year.
Current SA there. The $53 an hour and 1.5x for OT is accurate. Market is pretty dead though so don’t know too many people that are pushing crazy OT hours
Clearly you don’t know what the hell you’re talking about. It is simply a fact that Wells IB pays 53/hour and 1.5x for interns
Wtf does having a pe and ib internship have to do anything with getting paid hourly vs prorated lmao
Roughly how many hours of overtime are most SA getting? Obviously each group is diff, just curious
Are you doing the internship for money or to get good experience and secure a return offer?
Who cares what you’re getting paid over the summer? Seriously, who cares if another bank pays a few bucks more pre tax?
No intern is going to be working overtime this summer anyway you cry baby. I’m sure your intern work this summer is worth $100 bucks an hour, poor you.
Corporate and Investment Banking at WF is keeping SAs for overtime every week. Have multiple friends who are interning there atm.
Doing what exactly? The market is dead.
Sounds like wells is working on some super secret project that requires valuable intern knowledge!
The point is your crying about low wages from an internship and missing the whole point of the experience. Get a f*cking clue.
Do not know a single person that is not working overtime this summer. Pulled 80 hours last week 90% of it being down time lol
WF SA's were told at the start of the internship they got a raise to $48 an hour the day they arrived for the gig. This does not implement until July 1. Offer sheets in the fall were for $40 an hour plus a 1.4k stipend for housing.
Was there last year when it was $40/hr + OT. There was no cap or really any checking of hours (honestly was more so encouraged by HR to log more). Made out pretty nice considering last year was virtual.
UBS is also $53/hr and $80/hr OT
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