GS Layoffs and S&T interns
Hello all,
I'll start an internship this summer at GS in S&T. As we are all aware of the current conditions concerning layoffs, would this affect the overall conversion rate from internship to FTO? What's the percentage of interns that normally get an FTO?
Any further insights would be appreciated.
Thanks in advance.
Wouldn't count on it, voice mail firing is not it. Better start applying
I already got the job but I was just wondering how tight would these conversion rates (intern to FTO) be this year given the current environment.
GS is not known for giving a ton of returns. I heard in typical cycles it's like 50% for S&T. I think what the other poster is tryna say is to apply to other firms to hedge.
Got it, thanks a lot! However, do you think that due to the current conditions (layoffs), they might need to hire additional FT employees by EOY (in case markets pick up its pace by then) or would they just do the opposite and reduce the amount of return offers ? Purely speculative but interested in your opinion.
50% number was not consistent with my experience (americas office) last summer
They are probably not laying off many ppl in markets and this is the same across most banks cus I think the hiking cycle is gonna be longer than people anticipate. The return offer rate last summer was pretty low but this summer will probably be higher and closer to the normal rate just cus people will hit the desks like summer of 2024.
yeah it could dip #'s a little but most/all of the desks will still be hiring. i'd say around 60-70% rn, higher during normal periods.
Does this percentage change in EMEA, specifically Paris as I'll be doing it over there ?
I’m thinking that as they are moving people from London to Paris maybe this % is higher.
not sure, don't want to mislead you.
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Most reorgs across the street are cutting seniors in "franchise value" positions with big expense numbers & prioritizing junior talent. Can't speak to previous conversion rates at specific firms, but there will continue to be a focus on junior talent. Like always the answer to what you are seeking will come down to how you execute the internship. My advice is to not focus on any outside noise and control what you can control and you will do great.
Completely agree with you. Thanks a lot for the advice !
Fantastic advice, whether it's wrt layoffs or other interns. Prepare and perform to the best of your abilities -- that's all you can do
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