Help! Summer internships

Depends on the boutique and what you'll be doing. If the work experience sounds compelling and interesting (interesting to IB, that is), then it makes the decision much harder. If, however, it is a really small shop and the work experience doesn't sound very challenging (in other words you are considering it just because it is in ER), then I would recommend the first option.

Regarding #1, you say risk management and strategy - by the title, that sounds like something that could definitely involves skills relevant to IB - furthermore the name brand aspect and potential for FT is definitely appealing. This is probably what I would tell you to lean towards unless you have absolutely no interest in the company and position at all - in other words, you applied as a complete last resort.

Without knowing what types of tasks you'd be working on, what other internships you are also in the hunt for and how flexible you are in your post u grad goals, it is a bit difficult to say which is clearly the winner. Brand name - advantage #1, future potential #1, title - #1 and #2 both sound interesting and relevant by the titles, although neither is screaming IB. The big unknown is what you'd expect to be doing - your responsibilities as an analyst. Considering #2 is still up in the air, I'd consider calling #2 and letting them know your situation - if you are considering #1, then calling them (especially since it is a boutique often involving less red tape and procedure) would be a good idea. If they give you a "no" your choice is simple, if you get a yes, at least you can evaluate both opps and make a good decision - not weighing a definite opportunity vs. something that may happen or may leave you with nothing for the summer.