WF offer letter & placement
Got the updated later looks like it’s over for the great times as an intern. In other news how are people feeling about placement?
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I loved the in-depth OT examples
LMAO why did they decide to do it for us
Are all locations now the same (besides California)
Haven't gotten mine yet, what does it say?
Why did they decide to fuck us , i also did not get my top group :(
Im pretty bummed about all this.
For example, if an intern averages 70 hours a week for 10 weeks, here's the difference under the new and old structure (someone correct me if I'm mistaken):
Under a true 1.5x overtime structure at $53/hour, you'd make $4,505 per week.
Over 10 weeks, that's $45,050 gross.
Under the new salary + 0.5x premium structure, working 70 hours means your weekly total comes out to about $2,568.
Over 10 weeks, that's roughly $25,680 gross.
So at an average 70-hour week, the gap between the two pay structures is about $19,000 gross for the summer. Is that not drastic?
Even the differences at 50 and 60 hr weeks:
50: 5.6 k gross difference
60: 12.4k gross difference
Is that math right:
40*53=2120 for the "Salary"
30*53*.5=795 for the 30 hours of OT
Leading to 2915 for a 70 hour week and 29150 for the summer still awful compared to the past but at least in line with most banks for a 10 week summer.
sounds like fair comp for an intern lol. The days are over where they bribed kids to be an analyst for them by simply overpaying them during their internship.
What groups did everyone want?
Levfin
Same here. Was pretty confident I was getting it as well based on overwhelmingly positive feedback. Combined with the bait and switch comp, I’m pretty bummed.
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