Why Might BB/EB Not Return Most Interns
Why might some of the more prestigious banks (GS/MS/JPM) and groups not return most/all of their interns (the BB group I’m heading to next summer returning only 50% of interns) even if they/most of them performed well (not sure if this was the case in my group)
I know market swings / ai can significantly affect a group, but should incoming interns be worried and is there any way to stand out?
Might be hard to hear, but if you're not getting returns, normally it means you're not performing that well. A lot of people who come into banking have done well in everything they've ever done their entire life and so they are biased into thinking that will continue to happen. Which is why you get people say "I don't get it, my performance was great, why didn't I get an offer". There are plenty of soft factors that interns ignore. My boss has taken to disliking interns just by the way they carry themselves e.g. "too arrogant", "no curiosity" etc.
Not performing well doesn't mean you can't do the job. Those two are not the same thing.
Edit: you people who are throwing MS at this - if you disagree, speak up nerds
Should add to the point by nutmegger (which I agree with) is that there are also other constraints far out of your control as well that determine an RO: some people might want someone that speaks a specific language, women instead of men, maybe the juniors like the intern that went to the same uni etc. Even if the work quality is pretty strong, other (non)-business constraints can affect RO.
Sorry, yes I meant to mention this.
Sometimes it is out of your control BUT that is the exception in my experience.
Usually if you're a decent person, it's a decent bank, and there are extenuating problems, they'll try to find a place for you (won't always be successful but will try)
Interesting, thanks. If there are headcount issues in place and the bank has to cut interns, how can i make sure to stand out and improve my chances of a return?
Idk, there's probably people who can articulate that better than I can and have done - this advice doesn't really change over time and people ask this every year.
Well, maybe take a look at the recruiting timeline.
Most interns got an offer based on the school they got into, which is basically a rigged lottery where actual cognitive ability only matters so much. Why do you believe internships should lead to return offers? Return offers should be given to interns who would actually benefit the firm in the long term, not to everyone just because they got into some school. Not to mention how useless interns without prior internship experience can be.
You can gain an edge over other interns by showing up well prepared. Start early and prepare yourself across the board: your appearance, your attitude, and the quality of your work.
How I wish that were true...
Tbf they did hire a lot more 2026 SA's then 2027 SA's
This is true for my bank/group but is this empirically true lol
Class sizes for 2026 SA were set late 2024 / 2025 which was peak optimism before liberation day and well before Iran war. They sized for a M&A boom which partially materialized but not to the extent expected
Curious to hear what group/bank as I was at a top BB this summer and haven’t heard of any groups that didn’t return most of their interns.
Some banks are known to purposely over-hire interns and some have return offer spots for 90-100% of intern - really varies from group to group and bank to bank.
Do any of the EBs overhire?
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