What's up with the European banks and SA 2020? (UBS, DB, Barclays)
Seems like there has been absolutely no word from these firms. Many of the other BBs, MMs, EBs, and even almost all of the consulting firms have already come to a decision with their internship programs whether it be virtual, auto FT, cancellation. Are these banks trying to wait it out to go to hopefully do remote? Are they trying to figure out if they have the capacity to carry out virtual programs at all? It seems like many of the companies in the past week have decided to give auto FT. With May being only a week away and with NYU and many other dorms having housing cancellation policies coming up it seems a bit late to not have any update at all.
This has been talked about a lot already so I will give just the very brief answer. These banks, particularly DB/UBS, are not anywhere near where they used to be and the numbers unfortunately just show this to be plainly true. UBS has openly confirmed that their focus will shift toward PWM versus banking advisory in the US. Many believe the other European BBs will follow this trend in the coming years as European banks concede their advisory practices in the US. I see it being likely for DB/CS and less so for Barclays. Market share will be taken by RBC/WF/JEF instead and we are seeing this trend now.
Thanks for the insight, intern, but not true. WF taking up market share? Barclays and CS will remain strong in the US due to their top groups (Barclays: power, etc. CS: Sponsors, lev fin). Jeff is rising as is RBC, but they're not stealing deals from Barclays/CS... they're still mostly playing around in MM/UMM deals.
I agree with you on WF, JEF is clearly rising too but I see where you’re coming from in that at end of the day they play in the UMM range. RBC defitnely does pose a threat to CS/Barc no question they compete on many of the same mandates now look into it. In regards to groups, only because your brought it up, I agree that places like CS sponsors will continue to crush it, power at Barc is strong too but then again RBC’s Power group notably stronger at the top of the street. Their FIG is literally what DBs FIG was several years back which was very strong. In the end yeah it comes down to groups but CS/Barc are playing a game of trying to gain back what they’ve lost rather than grow go look at the numbers and stock values for yourselves don’t take it from me. This will get MS from the same few guys anyway because of the meme, don’t really care though the site is not that great anymore.
This is completely unrelated to what the OP asked. There are SAs in non-IB divisions as well.
My honest guess is that the longer we wait for a decision on the internship format etc, the higher the chance they we will receive auto ft offers.
Amen to that!
CAn only wish. REalistically how long can they wait until they send out an announcement. I think the first of May has to be the latest
Now that's positive thinking I can get behind haha
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Yes, I think so. Citi did the same, auto FT is only for the main offices.
Imo, for some Europeans the decision will probably be different across global regions (EMEA vs US vs APAC).
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