What's going to happen to SAs/FTs
What's going to happen now? What if the MD that brought you on isn't going to be there anymore? Should we be looking for other jobs?
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I don't think "managerial" is code for managing director. Could be wrong, but the job cuts I'd be more worried about are the 2,000 in ibd that are coming later
although I can tell you I heard from a UBS group head that analysts/SAs are going to get fucked, but you obviously already knew that
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So you're saying they're going to be taking back SA offers? I don't see why they'd do that. SAs are cheap labor, and it's a cheap way to figure out who's worth taking onboard and who's not. Even in this environment, all banks took on SAs, and the cost of SAs is chump change compared to salaries for FT people. However, SAs will have to work harder than ever to land FT offers during their internships.
Just my 2c.
no, he didn't come close to saying they'd renege, but definitely left the impression offer rates will be very low, and analysts are definitely going to be in danger of being laid off early. As I said, something you should know already, but it will still suck if (when) it happens
Don't worry about it... A lot of Wall Street as we've seen is about "brand name" and image. The firms don't want to cut SAs/ FTs to whom they've extended offers because that hurts them when they come back to the school to recruit in following years. You may be less likely to get a full time offer if you're an SA and an MD that really liked you is gone, but that just means you have to work harder throughout the summer to form other connections and get other people to advocate for you when it comes time to decide who will get the offers.
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i'm sorry, but aren't you my age? what makes you sure that i shouldn't be interviewing at other jobs?
Yep and just like everyone else on this board that doesn't know exactly what bank you're at or what group you're in (or even if you're an SA or FT since you decided to be vague [and whether you are an SA or FT could definitely affect the answer to your question substantially]) and thus can't tell you with 100% certainty what the answer to your question is, I'm telling you my opinion.
Regardless, it's probably too late to really interview for other jobs, no? From what I've seen banks are pretty much done with both FT and SA recruiting for this year.
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