In light of recent events, I'm curious to know which banks have been able to stick by their guns and honor the original banking offers that they handed out? We know the market is bad, but stil I'm assuming that not everyone is like Bear Stearns or JPM...right?
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not aware of Lazard reneging on any offers...but would be interested to hear if they have
GS & MS have stayed pristine according to my knowledge.
I'd assume that the top boutiques have, and will continue to do the best. Blackstone, Moelis, Perella, Evercore, and Greenhill are pretty worry-free no matter how bad the economy goes. Lazard I've actually heard that they cut analysts and associates back in 2001-2003(though it hasn't happened thus far).
UBS is honoring its offers for IBD, at least in Chicago and Hong Kong. The S&T interns are also ok for HK, even in FICC. No transfers to other divisions either.
DB has honored all offers in all locations.
I heard that UBS was deferring their analysts' start dates until 09 with no compensation for this year. This was from a friend of a friend though so I don't know how accurate it is.
UBS gave the option to some of the analysts to have delayed start (with some sort of pay incentive this year). No one forced. To my knowledge, all SA and FT offers are still being honored.
Well, the only ones being public about it are Bear and JPM.
Has to be Goldman Sachs. Even through the tech bubble, was told the laid off the least percentage of their workforce and thats why they are the best bank on the street
uhm, GS put half its S&T class in back office positions last summer when the market was at its peak
HLHZ
Merrill hasn't reneged on any summer analyst offers, and hasn't cut any FT associates and analysts at least in front office positions. Seems like they're trimming the fat starting at the higher levels and then working their way down.
ML's junior headcount is pretty much fine. Wouldn't be surprised to see a few more associates get the boot, but analysts, both incoming and FT should be fine. They took a good amount of SAs so they're clearly not worried about jr headcount.
To clarify, UBS gave its IBD FT hires for 08 the option to defer a year and travel or do a philantrophic activity of their choice and get half salary and full medical. I heard about 25% opted to do it before they capped it.
Credit Suisse has been pristine.
pristine? Come on dude, they laid off plenty.
agree with nystateofmind, CS have laid off loads of people in London
regional, middle market M&A firms have been staying relatively strong. my friends who are summering there are having a great time.
out of BBs, DB seems to be doing decently.
barcap is doing alright too, hired a bunch of laid-off Citi/bsc bankers.
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