Lehman Ops or Bear Equities
I have a summer offer for both groups and the Bear HR guy told me today that I still have my equities SA position and it will prob be for JPM. I just found it a little weird because I got a Bear Prime Brokerage offer and when the package came in the mail with the offer letter it said global equities division on it. I gave Bear a call and they said since they don't know business needs yet and because of the deal, they just gave me a general SA offer for the equities division.
I know the Bear position is better than Ops, but I don't wanna be screwed if JPM doesn't take me all of a sudden. the Ops offer sounds more stable right now. Which should I choose given the circumstances?
Take BSC. Ops is a waste of your time, worth the risk imo
Lehman Ops. Lol
im just worried that if i take the bsc offer and then something happens, ill be screwed out of a summer job. also ops at lehman doesnt seem that bad. i know ops gets shit on on WSO, but from what I saw and heard they are more willing to move people up than other firms on the street. I don't know if its worth taking that risk right now, I can always apply for full time and I will get interviews because connections I have at a lot of banks, so I'm not worried that an ops job will not allow me to get looked at for full time.
if you intern in ops you have basically 0 shot of getting s&t full time. you can always explain to firms next year that you had a BSC equities offer that got pulled, much better than leh ops
Your best option now is to take both and reneg accordingly. BSC is very risky at this time despite what the HR officer might have told you.
I don't want to reneg an offer and get blackballed from the firm. Wall St. is very fluid and I know it will end up biting me in the ass later on in my career if I do that.
Basically you are worried about reneging on lehman, understandable. Use as much time as you possibly can. Tough call, not really sure what I would do.
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
Tough call, but I'd say to consider the Lehman position. It's true that ops is not where you want to be, but you can always explain to future recruiters that you had a better offer but took ops due to concern about what's happening with Bear. The worst thing right now is to wind up with nothing.
If you're a smart guy, you can make the most of your ops internship. If you're in ops, your group will support a number of trading desks, so you will have constant interaction with a variety of traders, even if it is just over email or phone. Go above and beyond the other interns, impress the traders you'll deal with on a daily basis, etc. There's always a possibility that the traders will let you spend some time on the trading floor each day if they like you (if you ask the right person at the right time in the right way), or give you preference for FT interviews for S&T. Right when you start the internship, arrange brief coffee meetings or something with each trader individually that your group will be supporting, explain your background and situation to them (because they'll have no idea otherwise), ask them a lot of questions about the industry and what they do, and express a lot of interest in financial markets and trading. Almost no interns in ops will take this much initiative, so doing so would definitely set you apart. You would just have to focus your internship on networking with traders, showing them you're knowledgeable, and getting them to like you. Being sociable and going to a target school does help. Also, you can spend the internship going above and beyond in learning as much as you can about the products your traders trade, and you'll be able to since you'll have plenty of free time if you quickly finish whatever assignments you have during the day.
Bottom line though is that while way less glamorous, the ops position is a very stable one, especially considering the current market situation. If I were you, I'd stay far away from Bear, and try to make the most of the Lehman internship. And after all, it's just an internship, you can definitely get something better for FT.
if I were in your shoes I would take BS equities but still continue to network or talk with guys at smaller shops and firms in all areas of the business(IBD, PWM, AM, S+T, PB etc)...just as backups in case you lose your equities offer.
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I don't see how you can burn bridges taking both and pulling out of Lehman later. S&T and Ops HR should be totally different, and I'd not think interviewers are the same. The only day to day connection both groups probably have is the wire running between the computers.
I do not agree with you brick, people definitely do talk and I know it would be bad later on in life. It's not an ethical thing to do and I know it will just end up causing more problems.
They talk, but I'll have a hard time believing someone will be sending emails to all the desks for an intern who reneged on an ops internship. Lehman ops is not Merill interest rates buddy. But you choose whatever floats your boat.
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