Yeah I'm that incoming 2023 CS SA
Not sure what to do now.
Signed offer back in April, rejected GS/MS/JPM's MO offer, have a second IB offer (lower prestige than CS) on hand. Rejoining SA recruitment cycle seems to be too late, and prepping for FT seems to be too early.
Should I just accept the second offer as well and wait?
For sure take the second offer as well. You need to cover your bases.
Take second offer. Renege on it if CS still looks to be fine by next summer. If CS cuts you and a lot of SA's, well you already accepted the other offer for a backup plan. Don't update Linkedin no matter what though
^ Word
Agree.
Definitely agree. You worked hard for this and it’s important to you, but these big banks don’t give a shit about you. You gotta look out for #1 brotha.
bump
bump
Think everyone saying renege on CS right now is a bit premature. It’s not like your an FT analyst that could be unemployed in a month.
Worst case CS goes under and offers disappear. I promise FT recruiting at any bank, saying “I’d accepted an offer at CS before they went under” is a perfectly valid reason to be FT recruiting. No one is going to hold that against you and everyone will know CS was a great banking internship.
You’ll have clarity in the next few weeks and then 9 months before the internship starts. Seems silly to jeaporadize all of your offers based on nothing but rumors now.
This is my advice to incoming SAs - think current analysts or incoming FT are a bit different, but as an SA you have plenty of time to figure it out if the worst case scenario happens
What do you recommend for incoming analysts
This is a tougher spot IMO. You have just as little clarity, but the issue is you’re way more screwed in the worst case scenario since FT recruiting is 99% filled, and other “similar” industries (consulting, MMPE, etc) are also generally done recruiting.
My advice would be to start recruiting ASAP - if banking isn’t an option, what would you do? Big 4 lateral to banking? Finance at a startup? Corp dev at FAANg? Apply to any of these you find interesting.
IMO, since the renege here (chances are) isn’t CS -> competitor bank, there’s way less risk. Obviously if you can find a reputable IB go for it, but from what I’ve heard that’s basically done. The risks of CS finding out you recruited at Google is pretty low, so I don’t see why you wouldn’t start pursing these options.
I personally wouldn’t accept an offer until after the big announcement at end of Oct, but being in processes / having your recruiting at least in motion / potentially having an offer will put you light years ahead of the other incoming CS analysts - recruiting is hard enough without 200+ highly qualified candidates getting their offers pulled in a down economy and all fighting over the same spots
I would not be so worried about CS going under -- I interned there this summer and signed my offer. While I was there, 2 new direct hire analysts started in my group. I had another person reach out recently who just signed a FT offer after not interning with the bank. Don't think they would be continuing to hire if they were going to slash heads in a month.
bump - looks like a spin off is becoming more likely. anyone have any idea how headcount will look?
They need capital for the levfin practice that would function alongside advisory in a spin-off. Also need capital to retain / attract senior talent.
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