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.
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.