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...
| +186 | Ideal College/Recruiting Timeline | 38 | 2d | |
| +131 | Military Officer vs. IB analyst | 47 | 2h | |
| +75 | Lied on CV? | 60 | 3h | |
| +28 | Is there a point to networking if you have (nepo)? | 8 | 36m | |
| Got fired after 1.5 years as an Analyst, want to stay in Banking but I am confused | 10 | 1d | ||
| +26 | Amazing offer but I’m drowning in debt | 13 | 2d | |
| +23 | Are Single Managers Just Not Hiring? | 10 | 5d | |
| +23 | How do I go about explaining huge gaps in a CV for Spring & Summers? | 11 | 2d | |
| +21 | IB > PE, except burned out. What now? | 8 | 13h | |
| +18 | Laid off, what next? | 8 | 5d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Is this with BAML?
no but similar bank
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.
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.
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.
Welcome to Credit Suisse
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
I actually did read my contract very carefully (line-by-line, a byproduct of my time in a securitization hahahah), and there was nothing about "at-will" employment. Maybe it's an EMEA thing vs NAM
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”
Was talking about EMEA.
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.
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!
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 😛
Congrats on Citi
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
Repellat magni aut optio. Et omnis sapiente accusamus. Consectetur occaecati ut saepe non in. Reiciendis odio nesciunt similique in. Temporibus commodi molestiae ut recusandae omnis nihil est beatae.
Ipsam dolor eligendi corporis error quas temporibus eos. Voluptatem voluptates accusamus sit quis. Quasi tempore pariatur perferendis non nisi nemo voluptas. Fugiat cupiditate dolorem quos ut ullam.
Velit ad omnis dolor quia est. Dolor sed consequatur veniam dolores ex rerum eos. Aliquam explicabo delectus illo et ipsam deserunt. Hic nihil cum a non. Voluptatem consequuntur qui quasi ab tenetur eos.
Aspernatur magnam aliquam esse ipsum. Sed dolores id delectus sed officiis iusto et possimus. Eveniet fugit dolores aspernatur maxime dolores consequatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...