can internships be cancelled EMEA

As the title says. After having signed the contract, could the entire internship programme be cancelled? And if that does happen, would HR make an effort to reallocate offer-holders into other divisions or like guarantee return-offers? Asking specifically for Capital Markets because of the downturn and trimming of DCM and ECM teams...

Comments (20)

  • Analyst 2 in AM - FI

Damn that's tough. They may offer to help you find a position elsewhere but that is something you need to ask them, they won't help you on their own volition. Find opportunities in the location you want to work out of, apply, and ask to be connected to the recruiter or hiring manager for the role. Given your circumstances, I would hope they would be more willing to help but again, they won't create more work for themselves on their own. Good luck.

  • Intern in IB - DCM

Thanks. Just to clarify, they haven't cancelled the internship, I was just wondering if they could and what might happen if they did. The HR recruiter is really nice though, I didn't get the return offer for my desk so she offered me another internship w/o AC bcos of my performance, so in the case it all goes to bottoms up (God forbid!) hopefully I can work something out.

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  • Analyst 2 in AM - FI

Rescinding internship offers is never a good look. It fucks up relationships with schools and future talent. Could it happen? Yes. Do I think it is likely in IB? No. The cost savings doesn't justify the reputational damage. If they want to cut costs, there are probably shitty AN-ASOs that would have more of an effect on their budget.

One thing to look out for is if banks start coordinating. If a major BB starts rescinding offers, then other banks may follow just like they did with the pay increases a year ago. They tend to follow each other but one of them needs to signal that it is okay to do so.

  • Analyst 1 in IB - Gen

It happened to some interns last year (JPM, and I think WB). They just said fuck off to some interns and didn't help them find something. If you read your contract carefully it says that they can rescind the offer any time. Tho these are very rare cases

optiver_guy, what's your opinion? Comment below:

Usually says that "within the firs x period the contract can be rescinded by both parties with n days of notice, after it it's going to be y days of notice"

  • Prospect in IB-M&A

I would say depends on which bank, current performance and culture, e.g. CS probably a lot more at risk than any other bank for obvious reasons, but also somewhere known for being more cutthroat is a bit more likely to do something crappy like that. Would be surprised if BofA rescinded for example, whereas MS/GS are more prone to job cuts and slashing, all still unlikely to rescind though imo. Boutiques also generally have smaller classes so it doesn't make a lot of sense for them to rescind what would be a very small cost on their business. Plus overall as others have said, generally interns are last to be cut, especially if you've already been extended an offer. 

Also they can always just give less return offers next summer, atm no one really knows how bad or long of a recession it'll be, so it makes more sense to hedge their bets.

  • Intern in IB - DCM

Oh ok, sounds good! I'm not at CS hahahah, my offer's from the same level of a bank as BofA. Read that JPM is quite bullish re. bonds in 2023, so hopefully I should be good going into Capital Markets, fingers crossed!

  • Prospect in IB-M&A

If it's London then JPM have only done 1-3 ACs so far I believe, at least for IBD that's roughly the case excluding spring fast-tracks, so I think running less future ACs/giving less offers makes way more sense than rescinding…who knows what these banks think though 😛

  • Prospect in IB-M&A

sorry read that wrong that you might not necessarily be going to JPM, but yeah I think most banks are in the same situation re: ACs tbh

  • Intern in IB - DCM

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